EIB TO SUPPORT BULGARIAN ENERGY SECTOR WITH EUR60MN
The Council of Ministers approved a EUR60MN loan agreement signed by Bulgaria, the European Investment Bank (EIB) and the National Electricity Company (NEC). The agreement is to be ratified by the National Assembly. The loan will finance the project Rehabilitation of Electric Power - Energy 2, which is totally worth EUR153MN. The European Bank for Reconstruction and Development (EBRD) will support the project, too, by launching EUR41.1MN. The remaining EUR52MN will be provided by NEC. The project aims at supporting the integration of the national energy system with USTE, the united paneauropean networks, at strengthening the regional controlling centres, and reducing the losses resulting from transportation of electric power.The loan from EIB is guaranteed by the State. It is payable in 20 years, but only interests will be paid off in the first five of them.