Regional minister Asen Gagauzov signed yesterday the annex for the Trakia Motorway concession with the designated public-private consortium. The act, which was approved by the government last month, transfers construction and traffic risks to the concessionaire, where 51% of the equity capital is held by three private investors from Portugal (MSF Moniz Da Maia, Serraand Fortunato; Lena Engenhariae Construcoes; and Somague Consessoerrise Servicos). All clauses hinting for any kind of state guarantee will be also removed from the agreement. Construction works for completing and rehabilitation of the 443-kilometre motorway are expected to start by end-June. Another approval of the concession contract by the cabinet will be pending right after Eurostat takes a stance on potential state aid effects on the general government budget. With regard to this, the director of the fund Republic Road Infrastructure commented that the beginning of the project may be delayed till the end of the year as Eurostat should take decision in three months at earliest and another three months will be necessary for preparation works. Investments in new construction are valued at EUR 590mn at an average cost of EUR 2.7mn per kilometre of newly built motorway sections.