Sofia Owes Almost BGN 500 M to International Banks

Sofia Municipality’s debt consists of seven long-term loans granted by international financial institutions , according to report of the National Audit Office, NAO.

BGN 487 848 949 is Sofia’s debt at the beginning of 2013, according to the report.

Most of it was spent on public transport and Roma housing.

Millions were used to pay for the construction of the subway and for buying new urban transport buses and trolleys and also to fund new Roma housing projects in Sofia’s “”Slatina” neighborhood, reveals the report prepared by NAO.

The main creditors of Sofia, are four international banks, The Council of Europe Development Bank (CEB), Japan Bank for International Cooperation (JBIC), The European Bank for Reconstruction and Development (EBRD), The European Investment Bank (EIB), according to the report.

As of June, 2013 the budget of Sofia Municipality was of BGN 939 mln, according to a budget implementation statement published on the website of the municipality.

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