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Bulgaria Gets Russian Nuclear Plant Loan in 6 Months at Earliest

Date: 17.06.2009

Bulgarian will get a loan from the Russian Federation for the construction of the Belene Nuclear Power Plant in six months at the earliest. This was announced by Bogomil Manchev, whose company "Risk Engineering" is a consultant for the construction of the NPP.

Manchev told the Pari Daily that the Russian Ministry of Finance was currently considering its conditions for giving Bulgaria the credit in question, which would then have to be agreed upon by the Bulgarian Finance Ministry.

According to Ivan Atanasov, who is charing a working group for the coordination of the Belene Project at the Bulgarian Energy Holding, Bulgaria is now expecting a letter with the conditions and exact amount of the loan.

In his words, the Bulgarian side is not going to give state guarantees for the credit in question. The Bulgarian government will have to decide which Bulgarian institution would be the beneficiary of the loan.

Atanasov has also said the repayment period would most likely be around 15-20 years.

Bulgaria needs about EUR 3,8-4 B in order to finance the construction of its second nuclear power plant. Its National Electric Company NEK was hoping to secure an international bank loan for that purpose but the global financial crisis has practically ruled out this possibility.

During the signing of the Belene construction contract with the Russian company Atomstroyexport, the Russian side promised to fund the project with a government loan, if necessary.

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