Fri, Feb 10 2012

Financing to top 1 billion

Thu, Oct 18 2001 14:00 CET

byNelly Lozanova

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The European Investment Bank (EIB) will disburse more than one billion euros to Bulgaria by the end of this year, as financing has already reached 919 million euros since January. Additionally, Bulgaria will continue to receive 200-300 million euros or more a year, if there are good projects, said EIB department director Guido Bruch last Thursday, after signing a lending agreement with Bulgaria's First Investment Bank (FIB).

This is the first agreement of the international institution with a private Bulgarian bank.

The 10 million euro credit line provided to the FIB is designed for financing small and medium-sized enterprises and the loans will range between 20,000 and two million euros. The rules for approving the projects will be strict, they must be endorsed by FIB, and then by EIB.

Currently, the EIB is studying feasibility research for the Sofia-Nis highway, prepared by the U.S. Agency for Trade and Development. The cost of the project is not clear yet, but the bank has expressed readiness to fund 50 per cent of the expenses. Besides the highway, the rehabilitation of the parallel railroad section is also included in the project.

In Bruch's words, it is the bank's wish to help Bulgaria become a member of the EU soon.

Among the projects the EIB is also considering is one for solid waste collection in municipalities. This project may get a loan of 20 million euros, which will be distributed among seven or eight municipalities. The loan is subject to approval by the EIB's board, but it depends on a mission that is in Sofia this week, Bruch said.

The bank also studies projects on hazardous waste in Bulgaria, as well as on roads and railways. There are no limitations for the price, said Bruch, the EIB can cover up to 50 per cent of the cost of economically efficient projects.

The terrorist attacks on the U.S. and the strikes against Afghanistan have no bearing on the operation of the EIB in Bulgaria, added Bruch. The bank's objective is integration and good project implementation.

Concerning the agreement between Bulgaria and the IMF, Bruch said that the EIB's work is not entirely dependent on that but that an agreement would be helpful.

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