Bulgarian Govt to Borrow BGN 700 M from Foreign Banks

The government is willing to raise BGN 700 M through a syndicated loan to finance budget expenses.

"We consider a syndicated loan arranged by foreign banks to be an option for financing the budget", said Bulgarian Finance minister, Petar Chobanov in front of the parliamentary budget commission.

The cabinet will choose a foreign bank to arrange the loan and to attract foreign investors as lenders. Currenlty the government is in talks with a few banks, some of them from Germany.

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