Банкеръ Weekly

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BULGARIA RATIFIES EUR33.5MN LOAN FROM WORLD BANK

Parliament ratified a EUR33.5MN loan from the World Bank on Friday. The agreement was signed by the former minister of finance Muravey Radev. The credit will be launched within a Cadastre and Estate Registration project and is to be paid back in 15 years. The interest rate will be equal to the LIBOR, including a 5-year grace period. The first repayment installment is due on December 15, 2006.The credit agreement was submitted to the Parliamentary Budgetary and Finance Commission by the representatives of the Ministry of Finance - Desislava Lazova and of the Ministry of Justice - Vilma Vasileva, by Belin Mollov - Deputy Minister of Regional Development and Public Works, and Simeon Simeonov - Cadastre Agency Executive Director. Thirty per cent of the country's territory should be included in the cadastre system within 5 years. Equipment should be acquired for 112 offices included in the system. The constuction of the rest will be financed by the State. The cadastre system will be jointly developed with the Ministry of Agriculture, which is expected to provide information about the privatized estates in the country, said Simeon Simeonov.The members of the National Assembly Budgetary and Finance Commission initiated discussions on the term in which investments should be paid off, as well as on the scheme for budget revenues expected from the cadastre system.

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