site.btaEIB, Sofia Municipality Sign EUR 60 Million Loan for Sustainable Mobility Projects

September 14 (BTA) - The European Investment Bank (EIB)
and the Sofia Municipality signed Tuesday a EUR 60 million
framework loan to promote sustainable urban mobility in Sofia.

The EIB financing supports Sofia MunicipalityТs objective to
develop an environmentally sustainable transport system that
improves people's everyday life, the Sofia City Hall said.

In line with the objectives of the General Development Plan of
the City of Sofia and the Sustainable Urban Mobility Plan of
Sofia 2019-2035, the EIB will finance projects that include the
construction and rehabilitation of sections of the road and
street network, parts of the tramway, and walking and cycling
infrastructure.

In addition, public transport projects such as buses and the
installation of electric vehicle charging infrastructure can be
supported.

EIB Vice-President Lilyana Pavlova is quoted as saying that as
the fastest-growing city in Bulgaria, Sofia is facing the
challenge of continuing its growth in an environmentally
sustainable way. Pavlova said that the loan will support
sustainable mobility projects and improve the everyday life of
people in Sofia. EIB's financing will boost employment, improve
air quality and make Sofia a safer and faster place to move
around, she said.

Sofia Mayor Yordanka Fandakova said that the "EIB is a reliable
partner of Sofia which stands behind our largest infrastructure
projects". As part of the ongoing current construction
programme, missing sections of the inner city road network will
be built which will remove traffic from the city center, reduce
congestion and contribute to cleaner air.

The projects for construction of two busy roads in the southern
part of Sofia will improve the mobility in the most densely
populated southern neighborhoods, while the planned boulevards
in the northern part of the city will give these neighborhoods a
 new impetus for development. A flagship project for Sofia is
the Green Ring which will connect large neighborhoods of the
city with bicycle and pedestrian alleys. "We continue to build
and upgrade tramlines, which improve transport connectivity. The
 provided funds will enable us for a short period to build
infrastructure with great environmental impact, improving the
quality of life of more than a million citizens in Sofia, "
Fandakova said.

On the occasion of the signed loan, Sofia Deputy Mayor in charge
 of finance Doncho Barbalov told BTA that thanks to the loan,
traffic flows through the city will undergo "a total makeover"
and be taken as far away as possible from the city centre.
Barbalov said that the loan is for more than 20 years with a
very good interest of below 0.3 per cent. The Deputy Mayor said
that the Sofia Municipality is taking advantage of its Standard
and Poor's credit rating of BBB with stable outlook, the same as
 the sovereign credit rating, meaning that the Sofia City Hall
is able to borrow at levels close to to those of the country.

The loan was signed in an online ceremony. Barbalov thanked the
EIB for the long-term partnership and cooperation, noting that
many of the big infrastructure and transport projects in Sofia
are carried out with the support of the EIB. PP/ZH