Bulgaria to Repair 900km of Roads with EUR 480 M by 2017Business | October 25, 2013, Friday // 14:11| views
Photo by dariknews.bg
A total of EUR 480 M, VAT included, will go to repairing over 900 kilometers of roads in Bulgaria by 2017.
According to the minutes of a sitting of Bulgaria's Council of Ministers, the money will be provided under the sixth extension of the Transit Roads program launched in the 90s.
A loan of up to EUR 300 M will be taken from the European Investment Bank (EIB), while the remaining sum of EUR 180 M is to be provided by the state in the form of co-financing.
According to reports of mediapool.bg, based on a statement of Finance Minister Petar Chobanov, Bulgaria's Regional Development Ministry initially insisted on a loan of EUR 150 M, but the sum was doubled.
Bulgaria is currently implementing the fifth part of the Transit Roads program with substantial delays.
Under the program, total funding of EUR 705 M was provided for repairing 1350 km of roads.