Bulgaria to scrap repair works on 110 km of roads

Bulgaria to scrap repair works on 110 km of roads

Bulgaria has decided to scrap repair works on 110 kilometres of roads as part of a programme envisaging the upgrade of 450 kilometres of roads financed by the World Bank.

The decision was taken by the government on Wednesday after approving the letter to be sent to the financial institution for amending the loan agreement.

Specifically, the state is insisting that the loan agreement, which expires on June 30, 2011, should be extended by another two years.

Bulgaria will also request the World Bank to drop the repairs of three lots, whose upgrade has not been started yet. The proposal, concerning road stretches spanning a combined 110 kilometres near the towns of Karlovo, Shumen and Tran, also stipulates for the sections removal to be on account of the project's government co-financing of EUR 54 million.

The remaining 340 kilometres of roads will be repaired with the help of the EUR 90 million from the World Bank, of which just 16% had been absorbed as at October 2010.

The loan's restructuring is intended to ensure sufficient funds to cover co-financing of road projects backed by the European Union and to allow the country to keep its budget deficit below 3%, according to the government's statement.

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