Bulgaria`s railway infrastructure company to seek slimmer loan from World Bank03.12.2010

Bulgaria`s National Railway Infrastructure Company will apply for a 140 million BGN loan from the World Bank, well below the initial intention to seek 250 million BGN in funding. The funds will be used for purchasing machinery and equipment for repairs and management of the railway infrastructure. The amount was reduced after the company calculated the value of the equipment needed, with technical details on the credit to be determined in the coming weeks, when representatives of the World Bank will visit Sofia.
The other state-owned railway firm, carrier BDZ, has also approached the World Bank for a loan, seeking 460 million leva, which will be provided to the state.
The World Bank has demanded the two companies to restructure their businesses and curtail expenses in order to obtain the funds. NRIC will mainly resort to job cuts to meet the bank`s requirements.

Source: Dnevnik

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