Bulgarian Assembly to ratify Financing Agreement for gas interconnection with Greece

Bulgarian Assembly to ratify Financing Agreement for gas interconnection with Greece

The Bulgarian Assembly is ratifying on Friday the Guarantee Agreement between Bulgaria and the European Investment Bank (EIB) under the October 10th contract between the Bank and Bulgarian Energy Holding (BEH), in order to finance the Greek Gas Interconnection Plan.

The Agreement provides for an approximately 110 million-euro loan.

The Greece-Bulgaria interconnection project constitutes one of seven major priorities for the European Union. The grace period for the principal is expected to be up to 7 years, while the loan repayment period will last 25 years. Ratification is also a prerequisite in order for the Treaty to be entered into force and for the appropriations to be implemented. /ibna