Bulgaria, Romania To Set up JV To Operate Danube Bridge

Bulgaria, Romania To Set up JV To Operate Danube Bridge

Bulgaria's government said it approved an agreement with Romania under which the two countries will set up a joint stock company with a capital of 300,000 levs ($199,300/153,400 euro) to operate a new bridge across the Danube.

The bridge linking Vidin, in northwestern Bulgaria, with Romania's Calafat on the opposite bank of the river, is due to open to traffic next month.

The joint stock company's capital will be divided into 300 shares with a nominal value of 1,000 levs each, the government said in a press release following its weekly meeting.

The two countries will hold equal stakes in the company, which will be headquartered in Vidin and will have a branch in Calafat.

However, Bulgaria will receive a bigger portion of the company's profit under an agreement signed in 2000, which stipulates that the revenue from collected fees will be proportional to the funds each country has invested in the facility, the government said without quoting figures.

Currently, Bulgaria and Romania are linked by a single bridge over the Danube built in the 1950s.

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