Landslide consolidation projects worth 25 million euros are being implemented with funds of the European Investment Bank, Regional Development Minister Valentin Tserovski said

Landslide consolidation projects worth 25 million euros are being implemented with funds of the European Investment Bank (EIB), Regional Development Minister Valentin Tserovski said, visiting the consolidated landslide at Kabakoum, North of Varna (Horizont bus stop). He was accompanied by Ms Liza Raasakka, lending expert at the Accession Countries Directorate at the EIB. The latest meeting with representatives of the EIB confirmed the release of the remaining 10 million euros of the overall credit for landslide consolidation projects. Part of the projects, financed by the EIB, have already been completed and others are currently being implemented. More than 20 million euros of the funds are for engineering constructions North of Varna. The terms of the loan are quite favourable, Tserovski said. “We are overjoyed to see the completion of the Kabakoum construction project which is the first completed scheme, financed by the EIB,” said Ms Lisa Raasakka. “We hope to continue our good relations with the Bulgarian Government so as to complete the remaining projects of the overall programme and to identify new, key infrastructure projects necessary for your country,” Ms Raasakka also said. The Bulgaria: Riverbank and Coastline Landslide Stabilisation Project (along the Danube and the Black Sea) is financed by two European Banks – the EIB and the Council of Europe Development Bank. The consolidation of the landslide at Kabakoum cost 6 million euros, said Yordanka Stoyanova, Director of the ISPA Directorate at the Ministry of Regional Development and Public Works. A contract on the consolidation of the landslide at Slunchev Den, which will also be financed by the EIB, is expected to be signed in early October. Construction costs will probably exceed 3 million euros. Tenders are currently being invited and a contract on the consolidation of the landslide at Panorama should be signed by the end of October. It is financed by the Council of Europe Development Bank and construction costs are expected to exceed 3 million euros. The consolidation of the two landslides will be carried out before and after the tourist season and will take between 18 and 24 months. The Ministry of Regional Development and Public Works proposed to the EIB to use the remaining 10 million euros of the loan for financing the consolidation of the landslides at Trakata, Sveti Naum and Kiparis. However, the final decision will be made by representatives of the EIB after visiting the landslides. Photo: Regional Development Minister Valentin Tserovski and Ms Liza Raasakka - lending expert for the Accession Countries at the EIB, visit the consolidated landslide at Kabakoum, North of Varna. PR and International Activities Directorate