World Bank to grant Bulgaria 310M euro by 2013

World Bank to grant Bulgaria 310M euro by 2013

The World Bank said on May 18 2011 that it had endorsed a new partnership strategy for Bulgaria up to 2013, which stipulates the granting of four loans worth a combined 310 million euro.The World Bank group, presented by the bank itself and its affiliated institutions such as the International Finance Corporation (IFC), will provide advisory and analytical services and will also grant loans for activities that do not comply with the requirements of the European Union for financing or lending by European institutions."Our partnership model will provide global and regional knowledge and good practice in a tailored manner. We will also learn from Bulgaria for the benefit of other countries," Peter Harrold, World Bank Country Director for Central Europe and the Baltic Countries, said.The bank said it would support sectors identified in the country's National Reform Programme as priority fields, including road and water infrastructure, improving business regulatory environment, energy efficiency, education and social inclusion of vulnerable groups.It will also continue to support activities in the private sector through its private sector arm IFC.During the first year, the World Bank will extend financial support for the overhaul of the country's railway sector by granting three loans, each worth 80 million euro. The bank will also provide a 70 million euro loan as part of a project aimed at rehabilitating the country's railway infrastructure. The finance will go to infrastructure maintenance equipment purchases by the National Railway Infrastructure Company (NRIC) to improve the quality and efficiency of railway infrastructure services in Bulgaria. (Source: The Sofia Echo)

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