Sofia to finance key projects with EU funds, loans

Sofia to finance key projects with EU funds, loans

Sofia's municipal authorities will seek to finance its major projects in 2011 with funds secured under operational programmes, according to the city's draft budget present by mayor Yordanka Fandakova and executive majors on Thursday.

The 2011 budget bill allocation for capital expenses has been set at BGN 624 million, the bulk of it, BGN 324 million, to be European financing. Another BGN 131 million of the sum is expected to be secured through loans.

Part of the funds will go towards the construction of the capital future garbage processing facility, despite the fact that the European Commission (EC) asked Bulgaria to modify the project in order to reduce the plant's price and it is still unclear whether the project will be approved.

The city has also added to its 2011 budget allocation the BGN 40.4 million loan from the European Bank, which will be used for building five two-level intersections, whose construction has been protracted for two years.

In addition, the city expects to be granted EUR 500 million under the Regional Development operational programme, which will be poured into the overhaul of improving public transport services together with the local authorities' co-financing of EUR 14 million.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.