Bulgaria: EIB continues to support the upgrading of Sofia’s municipal infrastructure

The European Investment Bank (EIB) and the Municipality of Sofia today signed a new loan agreement of EUR 50 million to support the implementation of the Bulgarian capital city’s master plan. The loan will finance a transport infrastructure programme including construction and rehabilitation works in Sofia during the period 2013-2016.

Mr Mihai Tanasescu, EIB Vice-President responsible for lending operations in Bulgaria, commented: “EIB funds will contribute to improving the quality of life of the citizens of Sofia in terms of upgrading the public road network and related transport infrastructure by increasing its capacity, fluidity and safety.  This will also have a substantial positive impact on the city’s environment by reducing pollution”.

The EIB loan will support the construction, reconstruction, expansion and rehabilitation of 22 small-sized road schemes in Sofia, totalling some 56 km. The project will help bring the transport network up to current safety standards and alleviate key bottlenecks, enhancing traffic flows. It also includes the modernisation of 7.6 km of tram tracks and catenaries located on the road sections covered by this new loan.

The loan agreement signed today marks a continuation of the successful cooperation between the EIB and the Municipality of Sofia and represents the Bank’s 4^th direct loan agreement with Bulgaria’s capital city. The Bank has provided three previous loans to Sofia, bringing total EIB lending to Sofia to EUR 250m, including the present loan: EUR 23m for an integrated solid waste management system signed in two tranches in 2011 and 2013, EUR 43.5m for the road transport network in 2009 and EUR 105m for the extension of Sofia’s metro in 2008.