Parliament approved a loan of up to BGN 140 mln for the State Railway Company

The Bulgarian Development Bank will provide a loan to the State Railway Company (BDZ) of up to 140 mln, based on allocated for this purpose by the central budget funds, decided Parliament and adopted at first reading the Act on Financial Recovery Funding for restructuring of the Bulgarian State Railways Holding JSC.

The holding will cover restructuring measures with the money, but only after an approval from the Minister of Finance. There is a condition that the European Commission should approve the measure after the notification of the restructuring plan of the company. The total amount of capital required under the plan is BGN 459.547 mln. Last December, the European Commission approved a state aid for BDZ, amounting to BGN 248.601 mln. According to Minister of Transport Aleksander Tsvetkov, the EC supports the reforms in the holding which will receive an EU grant to buy new carriages and trains.

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