Sun, Nov 08 2009

Bulgaria signs loan for Varna, Bourgas container terminals

Fri, Aug 29 2008 18:04 CET byElitsa Savova 122 Views

Finance Minister Plamen Oresharski and Japan Bank for International Cooperation (JBIC) director general Akihiko Koenuma signed on August 29 the memorandum for a loan of nearly 230 million euro for the construction of container terminals in the Bulgaria's Black Sea ports of Varna and Bourgas.

The loan is for 25 years and carries an annual interest of 1.4 per cent, with a seven-year-long grace period, the Finance Ministry said in a media statement.

The total cost of the project is nearly 340 million euro and the rest of the money would be provided by Bulgaria's Cabinet.

Varna and Bourgas terminals are to be built by 2014. By that time, the terminals will have a capacity to serve 900 000 containers annually, while their current capacity is 140 000, Dnevnik daily said.

The terminals would improve internal and transit cargo container flow on the main routs of the European Union transport corridors, Finance Minister Plamen Oresharski said.

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