Japan Bank for International Development (JBIC) is expected to take a final decision on the financing of the two terminals located in the two major Black Sea cities Varna and Burgas by the end of March. The investment needs stand at EUR 214mn, 42% of which would finance the project in Varna and the remaining 58% the project in Burgas. In case of favourable decision of JBIC construction works may start by the end of the year. The project in Varna envisages set-up of private-public partnership, in which the transport ministry and the sea city municipality would hold by 35% each, while the business would control the remaining 30% of the entity. A memorandum fixing the mutual partnership of the parties should be prepared by the end of the month.
Source: Intellinews-Bulgaria Today