Bulgaria and EIB seal USD1 billion pact

The European Investment Bank and Bulgaria have signed an agreement under which the bank will disburse approximately USD1 billion to the country until 2013. The funds will be used to support the Bulgarian government’s contributions to various projects in line with the European Union’s Transport and Environment operational programs. The interest rates for the loans can either be fixed or floating, while the maturity period limit is pegged at 25 years, with a seven-year grace period. (Source: Bulgaria Signs EUR 700 M Funding Memo with EIB/Sofia News Agency)

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