Plovdiv Mayor Signs Contract for BGN 30 M Loan from EBRDDomestic | October 24, 2014, Friday // 16:37| views
Ivan Totev (R), Mayor of the Plovdiv Municipality, and Jean-Patrick Marquet (L) from the EBRD signed Friday a contract for a loan of around BGN 30 M. Photo by BGNES
Ivan Totev, Mayor of the Plovdiv Municipality, has signed a contract with the European Bank for Reconstruction and Development (EBRD) for a loan of around BGN 30 M.
The money will be used for the repair and reconstruction of the Komatevsko Shose Street and the boulevards Ruski and 6-ti Septemvri, as well as the construction of a new road from the Adata Bridge over the Maritsa River to Brezovsko Shose Street, according to reports of the Bulgarian Telegraph Agency (BTA).
The funding is to be absorbed in 3 years and repaid to the EBRD in 15 years at an interest rate of 2.65% and 1.18% Euribor and a 3-year grace period.
Complaints over the contractor selection process will be filed directly to the EBRD.
The document was signed by Jean-Patrick Marquet from the EBRD, who noted that the bank would exercise control over the implementation of public procurement deals and the absorption of funding.