Банкеръ Weekly

Briefs

MINISTER GAGAOUZOV TO SEEK MONEY FOR ROADS FROM EUROPEAN BANKS

BGN50MN, allocated by the Government through the Public Investment Company, will be absorbed by the year-end, Minister of Regional Development and Public Works Assen Gagaouzov said on November 29 when reporting on the first 100 days of his mandate. The money will be spent on reconstruction of roads, destroyed by floods.
Our main objective will be to maximally speed up the construction of infrastructural establishments in Bulgaria. We shall not be content with the funds, projected under the programmes so far, and we'll seek opportunities for financing by attracting the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and other financial institutions, the World Bank included, Mr. Gagaouzov pointed out.
About 60 km of motorways will be ready in 2006, among them the Doupnitsa-Daskalovo section and parts of the Trakiya highway - Bourgas-Karnobat and Orizovo-Chirpan. However, the future of the unfortunate deal for the concessioning of the Trakiya motorway has not become clear. On November 29 the Commission for Protection of Competition classified the documents about the financial results of the Portugese companies who were granted the concession permission: MSF-Moniz Da Maia, SerraFortunato-Empreiteiros, Lena Engenharia E Contrucoes, and Somague Concessoe E Servicos, and the reply from the Competition General Directorate with the European Commission. The antitrust EU body had to extend its stance, saying if the law was violated as the Bulgarian-Portugese consortium Trakiya Motorway had not asked a permission for concentration of economic activity from the Commission for Protection of Competition (CPC) before its establishment.

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