EIB Lends EUR 500 M To Bulgaria

The European Investment Bank (EIB) is lending to Bulgaria EUR 500 M for co-financing priority projects supported by EU funds during the 2014 – 2020 Programming Period, said Bulgaria's Finance Ministry.

The EIB loan will cover the national co-financing contributions under Operational Programmes in the areas of transport (including urban transport) and the environment.

The contract was signed by Finance Minister Vladislav Goranov and EIB Vice-President Laszlo Baranyay on Thursday in Sofia.

Before the ceremony Goranov said the agreement was a good basis for future co-operation with EIB and added he hoped that the bank would expand its role in the private sector.

“The EIB loan will co-finance priority projects with a total investment amount of EUR 4.3 B in Bulgaria,” Baranyay said, quoted by EIB. “This will accelerate the absorption of EU grants for the benefit of the national economy, strengthening its competitiveness and fostering economic growth and employment. The EIB lending is complementary to technical assistance provided by the EIB with a view to receiving EU grants”.

The EIB financing will be provided in the form of a Structural Programme Loan. Together with larger projects the EIB loan can also finance smaller schemes which, due to their limited size, would not qualify for direct EIB financing. The EIB loan offers long-term co-financing on highly attractive terms for projects implemented under the EU programmes across Bulgaria, pre-financing EU grants where needed.

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