The European Investment Bank (EIB) is lending $620m to Bulgaria for infrastructure development. The loan will finance priority projects supported by EU funds during the 2014-2020 programming period.Â
The "structural programme loan" covers large projects, as well as smaller ones that would normally not qualify for EIB finance. The loan will go towards transport development, including urban transport and the environment.Â
LászlÃ³ Baranyay, EIB vice-president, said: "The EIB loan will co-finance priority projects with a total investment of $5.4bn in Bulgaria.Â Â
"This will accelerate the absorption of EU grants for the benefit of the national economy, strengthening its competitiveness and fostering economic growth and employment."
EIB recently agreed to a $2.4bn improvement loan to Britain’s National Grid for improvements to infrastructure.Â