Банкеръ Weekly

Briefs

USATD TO FUND TWO LOCAL ECOLOGY PROJECTS

The US Agency for Trade and Development Agency (USATD) will grant a total of USD401,000 to the Pirdop-based copper smelter Umicore (the former Union Miniere), and to the and Lead and Zinc Works in Kurdjali. The funds are earmarked for feasibility studies on waste management at the two local enterprises. The agreements for releasing the money were signed on October 2 in the residence of the US Ambassador to Bulgaria H.E. Richard Miles in the presence of the Deputy Premier and Minister of Economy Nikolai Vassilev, representatives of the two enterprises, and of the managerial teams of CIBank (which services the Lead and Zinc Works).A subsidy of USD260,000 will be allocated to the Lead and Zinc Works in Kurdjali. The money is intended for feasibility studies on a technology and working up a construction plan for a new waste management facility at the enterprise. The waste has been gathered on the spot for 45 years. The agreement was signed by H.E. Richard Miles, the US Commercial Attache Reginald Miller, the works' Executive Director Nikolai Nikolov, and Slavcho Hristov, member of the enterprise's counsultative council. The feasibility studies are nearing completion, Geoorgi Prohasky, Chairman of CIBAnk's Management Board, commented. The bank consults the Lead and Zinc Works on the financiang of the research and the construction of the waste processing facility. After approving the processing technology as well, the USATD will propose to US companies to take part in the construction of the facility. Interest toward the project has alerady been shown, and the World Bank is one of the candidates for ensuring long-term financing, Mr. Prohasky specified. About USD10MN will be necessary for the construction of the facility. CIBank's Chief Procurator and former executive director of the Lead and Zinc Works Zdravko Stoitsev, was also present at the signing of the agreement.USD141,000 will be allocated to the copper smelter in Pirdop. The money is earmarked for a research into the production and processing of minerals from waste products, with a view to reducing environmental pollution. This agreement was signed H.E. Richard Miles, the US Commercial Attache Reginald Miller, and Umicore's Financial Director in Pirdop Thomas Beemish. The project's implementation will be entrusted to an US company, that will be picked up in a tender. Philip Rombault, member of the Supervisory Board and former executive director of Union Miniere, also attended the signing of the agreement. After the project's approval, financiang for the construction stage will be sought from international financial institutions.

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