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Bulgaria, Japan to sign shipping terminal loan deal March 28

Thu, Mar 27 2008 16:59 CET

bySpasena Baramova

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Bulgarian Foreign Minster Ivailo Kalfin and Japanese ambassador in Sofia Tsuneharu Takeda will sign on March 28 the contract for the preferential loan extended by the Japan Bank for International Cooperation for Bulgaria to build two shipping terminals.

The amount lent will be 36.93 billion Japanese yen, or the equivalent of $369 million, will be used to build terminals at Bulgaria's Bourgas-Zapad and Varna-Iztok ports, Bulgaria's Foreign Ministry said in a statement.

It was the biggest loan extended by Japan to Bulgaria so far as part of its development aid programme. Including this loan, the total amount of Japanese aid to Bulgaria, given under the form of low-interest loans, grants and bursaries will reach $1.2 billion.

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