Bulgaria Set To Restructure 81mln Euro World Bank Loan

Bulgaria Set To Restructure 81mln Euro World Bank Loan

The Bulgarian government announced on Wednesday it has approved the restructuring of a 81 million euro loan provided by the World Bank for the development of municipal infrastructure. The restructuring includes the extension of the agreement until the end of 2017 and the reduction of the loan’s size to 70 million euro following changes made to the planned project, the government said in press release after a weekly meeting. The loan is intended for the development of 51 regional master plans under which the water supply and sewerage networks in Bulgaria will be modernized to meet EU regulations. The processing time required for the execution of the construction works and the commissioning requires the extension of the loan by 24 months, the government said in the press release. State financing for the implementation of the projects covered by the program has also been decreased, going to 17.5 million euro from 20.2 million euro.

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