World Bank, Bulgaria Strike Memorandum for Infrastructure Loans

World Bank, Bulgaria Strike Memorandum for Infrastructure Loans

Bulgarian PM Boyko Borisov and World Bank President Robert Zoellick signed Tuesday in Sofia a memorandum to boost cooperation in the development of Bulgaria's infrastructure.

Bulgarian PM Borisov declared that with the help of the WB "Bulgaria will become an average European country within 3 years".

He said that money from the World Bank infrastructure loans will go into the construction of the Struma and Hemus highways. In addition, the Bulgarian State Railways company will get funds from the Bank if it fulfills a requested restructuring to optimize its activities.

Zoellick specified that Bulgaria can rely on the World Bank for support not only for road infrastructure projects, but also in the areas of energy, education and administrative capacity. The World Bank president said that the Bank's investment in Bulgaria totals USD 1.5 B, while the country has access to further EUR 7-10 B, which are not loans.

Regarding loans, he recalled that Bulgaria has USD 300 M ready at its disposal in its yearly loan program, but will probably not take advantage of all of them, since it wants to have a spendthrift state budget.

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