The World Bank not to grant a loan to BDZ

The World Bank will not grant a loan of BGN 460 mln to BDZ (Bulgarian State Railways) because the company has not achieved the necessary improvement in financial results, announced Yordan Nedev, CEO of Holding Bulgarian State Railways EAD (SPJSC).

The state budget had to allocate BGN 140 mln to BDZ, while the World Bank had to extend a loan of BGN 460 in order to compensate the funds from the Treasury. The funds were intended primarily for the repayment the old and current liabilities of the company.

Investors have still not revealed any interest in the privatisation of 'BDZ- Freight services' LTD, said Nedev. The privatisation scheme for company has not been structured yet. The book value of the company's assets is BGN 320 mln, indicated Nedev.

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