Connect with us

Economy

Bulgaria: EIB continues to support upgrading of Sofia’s municipal infrastructure

SHARE:

Published

12 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

1000000000000247000001047F9415E2The European Investment Bank (EIB) and the Municipality of Sofia today signed a new loan agreement of EUR 50 million to support the implementation of the Bulgarian capital city’s master plan. The loan will finance a transport infrastructure programme including construction and rehabilitation works in Sofia during the period 2013-2016.

Mihai Tanasescu, EIB vice-president responsible for lending operations in Bulgaria, commented: “EIB funds will contribute to improving the quality of life of the citizens of Sofia in terms of upgrading the public road network and related transport infrastructure by increasing its capacity, fluidity and safety. This will also have a substantial positive impact on the city’s environment by reducing pollution”.

The EIB loan will support the construction, reconstruction, expansion and rehabilitation of 22 small-sized road schemes in Sofia, totalling some 56 km. The project will help bring the transport network up to current safety standards and alleviate key bottlenecks, enhancing traffic flows. It also includes the modernisation of 7.6 km of tram tracks and catenaries located on the road sections covered by this new loan.

The loan agreement signed today marks a continuation of the successful cooperation between the EIB and the Municipality of Sofia and represents the Bank’s 4th direct loan agreement with Bulgaria’s capital city. The bank has provided three previous loans to Sofia, bringing total EIB lending to Sofia to EUR 250m, including the present loan: EUR 23m for an integrated solid waste management system signed in two tranches in 2011 and 2013, EUR 43.5m for the road transport network in 2009 and EUR 105m for the extension of Sofia’s metro in 2008.

Background

The European Investment Bank is the long-term lending institution of the European Union and is owned by the member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Advertisement

Share this article:

Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending