The World Bank approved three loans worth EUR170 million ($227 million) to support health, road and education programs in Bulgaria. The decision forms part of a deal that would enable Bulgaria to borrow up to $300 per year from 2006 to 2009. The country acceded to the European Union at the start of the year and is considered as the bloc’s poorest member. According to the bank, “raising productivity and employment to narrow the income gap with other EU members will remain Bulgaria’s main challenge for the next few years.” The agency affirmed it will assist the government in designing projects in order to secure E.U. funding and strengthen its public expenditure management and investment planning. (Source: World Bank lends Bulgaria ?170 mln for health, roads/Bloomberg)
