Банкеръ Weekly



Bulgaria will be granted EUR54.29MN under the Greek reconstruction plan. This is projected in the agreement for 5-year bilateral cooperation signed on Wednesday (August 28) by Greece's Deputy Foreign Minister Andreas Loverdos and Bulgaria's Deputy Minister of Economy Milen Keremedchiev.Eighty per cent of the funds are earmartked for financing Bulgarian state projects, and the balance will support private initiatives. The Bulgarian Ministry of Finance will be the national coordinator in spending the money.It has been agreed that the projects that will be selected will concern infrastructure in transport and communications. Projects will be implemented in the social protection sector as well - building small schools, medical centers or renewing sports centers, for example. Within two months the Government plans to present the first projects for approval by the Greek side. Sixteen projects for funding under the programme have already been approved, Mr. Keremedchiev said. Among them are: reconstruction of the road network and setting up water-supplying system and water and sewage facilities in the towns of Rudozem, Madan, Zlatograd and Doupnitsa, repair of the rehabilitation centre in Sandanski, and completion of the second pipe of the tunnel in Doupnitsa.The total grant to the Balkan countries under the plan is EUR550MN. The plan includes also Macedonia, Yugoslavia, Romania, Albania, Bosnia and Herzegovina. Replying to a question asked by the BANKER weekly, Mr. Andreas Loverdos said he hopes that the Greek initiative for revving up the region won't repeat the mistakes made by the Stability Pact for Southeastern Europe. In his words, the Greek plan won't count on advice to the Balkan countries, as the Stability Pact did, but on specific financial aid.

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