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EIB Grants EUR 105 M for Construction of Sofia Metro
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The European Investment Bank (EIB) has granted a loan of EUR 105 M for the extension the Sofia metro, Sofia's Deputy Mayor for Finances Minko Gerdzhikov announced on Wednesday.
The amount would be used to cover part of the expenses for the construction of an additional 6,35 km of metro rail.
The new construction includes the 2,2-kilometer segment from the "Mladost" district to the "Interexpo" center on boulevard "Tsarigradsko Shosse" with two subway stations and a parking lot with 1,500 spaces near the exhibit center. The second segment - from the "Nadezhda" overpass to the "Obelya" subway station - is 4,15 km long.
The total amount needed to build both segments is estimated at EUR 427 M. The construction is going to be financed with the EIB loan and by the State and the municipality of Sofia. The new metro rail is going to be built in stages with a planned completion date by the end of 2012.
In an interview on Wednesday, the Sofia Mayor Boyko Borissov said that the granting of the loan on the part of EIB, despite the global financial crisis, was proof of the trust bestowed on the municipality of Sofia by the European Union (EU).
"Sofia absorbs European funds, the ruling coalition makes the EU freeze those funds," the Mayor said.
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