Plovdiv Mayor Signs Contract for BGN 30 M Loan from EBRD

Domestic | 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.


Tags: Ivan Totev, Plovdiv Mayor, European Bank for Reconstruction and Development, EBRD

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