Expenditure plan for Interconnector Greece-Bulgaria disclosed (Exclusive)
Date
2/25/2022 12:22:32 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb.4
By Leman Zeynalova – Trend:
A total of EUR 183 million have been spent on the project for
construction of the Interconnector Greece-Bulgaria (IGB) by the end
of 2021, ICGB's Executive Officer on the Bulgarian side Teodora
Georgieva said in an exclusive interview with Trend .
'As you know, the total approved budget for the IGB pipeline is
EUR 240 million and it is secured through a long-term loan from the
European investment bank (EUR 110 m), the European energy programme
for recovery (EUR 45 m), the Operational Programme Innovation and
Competitiveness (EUR 39 m) and capital participation of the
shareholders – in this case the Bulgarian Energy Holding and IGI
Poseidon. We have utilized EUR 90 million from the EIB finding,
about EUR 23 million from the EEPR grant financing and EUR 28,5
under the OPIC grant financing. For Q1 2022 we're expecting another
EUR 8 million to be utilized under OPIC,' she said.
Georgieva noted that the way IGB's funding is organized –
especially due to the strict control procedures of the EIB – the
project company does not receive the total budget in advance and
allocate it to contractors immediately after.
'For each financial tranche to be approved and utilized we
undergo audit procedures both on site of the pipeline and in terms
of document review. Upon successfully completing each audit, ICGB
receives the relevant funds and follows up with due payments to its
contractors for the IGB project. This process helps us ensure that
there are several levels of control over the project, including
from independent international institutions,' she explained.
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