site.btaProject Company Absorbs First 30 Million Euro Loan Tranche for Construction of Bulgaria-Greece Interconnector

August 26 (BTA) - The ICGB project company which is in charge of the implementation of the gas interconnector between Bulgaria and Greece has absorbed the first tranche of 30 million euro under a loan extended by the European Investment Bank (EIB), the company said on Wednesday. The EIB extended 110 million euro for the construction of the project. The loan has been furnished with a guarantee by the Bulgarian government.

The loan agreement was concluded between EIB and the Bulgarian Energy Holding in 2019 in order to raise money for the project. The interconnector between the gas transmission networks of Bulgaria and Greece will cost nearly 240 million euro which have been raised through a combination of shareholder capital, a loan from the EIB and 39 million euro in grants under Operation Programme Innovation and Competitiveness 2014-2020. The company said that another 45 million euro have been provided under the European Energy Programme for Recovery.

In order for the first tranche to be received the EIB set forth a number of preconditions including the introduction of a Environmental and Social Management Framework. RI/PP

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