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Bulgaria signs EUR 700 M funding memo with EIB

Date: 19.12.2007

Bulgaria's finance minister Plamen Oresharski and European Investment Bank (EIB) vice-president Matthias Kollatz-Ahnen signed on Friday a memorandum under which Bulgaria will receive EUR 700 M in funding from the bank until 2013.

The money will be used to finance the Bulgarian government's contributions to projects under the EU's Transport and Environment operational programmes.

Bulgaria can draw the funds in 20 tranches of at least EUR 30 M each, with the exact conditions for each loan to be decided on an ad hoc basis.

Interest rates for the loans can be both fixed-rate or floating-rate, while the maturity period limit is set at 25 years, with up to seven years grace period.

EIB will exercise constant control over how the money is spent, starting froma say in whether projects will receive funding and down to ensuring all EU standards are observed, Kollatz-Ahnen said.

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