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.

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