EIB Grants €250M Loan To Boost Bulgaria's EU-Backed Projects

12/14/2024 1:08:48 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 14. The European Investment bank (EIB) has approved a 250 million euro loan to Bulgaria, aimed at co-financing projects supported by the European Union and driving the country's development across multiple sectors, Trend reports.

The funding will contribute to initiatives in energy efficiency, water management, transport, and research, helping to enhance Bulgaria's economic competitiveness and quality of life.

The financing will support Bulgaria in leveraging EU grants for projects that aim to improve energy efficiency in buildings and industries, modernize wastewater treatment facilities, advance business research, upgrade railway infrastructure, and protect natural resources such as soil. Particular attention will be given to projects fostering innovation, digitalization, and the country's green transition, as well as those improving transport connectivity.

“The loan will accelerate the absorption of EU grants for the benefit of the national economy,” said EIB Vice-President Kyriacos Kakouris.“This in turn will strengthen economic, social, and territorial cohesion, ultimately enhancing the business environment, public services, and living standards in Bulgaria.”

This funding represents the first tranche of a 1 billion euro EIB lending facility available to Bulgaria under the EU's 2021-2027 budgetary period. It will also support smaller-scale projects that may not qualify for direct EIB financing.

The EIB's cooperation with Bulgaria spans nearly two decades, including prior lending facilities of 500 million euros in 2014 and 700 million euros in 2007. These agreements have supported EU-backed initiatives such as railway and highway upgrades, water and wastewater treatment projects, and improvements in Sofia's public transport system.

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