Bulgaria to build new box terminals with Japanese loans

The Government of Bulgaria has officially received a EUR230 million (US$337.3 million) loan from the Japanese Bank for International Development to finance the construction of new container terminals at the Black Sea Ports of Varna and Bourgas.

The loan has a 25-year term and a seven-year grace period. This is the last international development loan to be received by Bulgaria, according to an unnamed representative from the Japanese bank Hong Kong Shipping Gazette cites Sofia News Agency according to RZD-Partner.

Bulgarian transport minister Petar Mutafchiev said the container terminals are earmarked for completion in 2014 and by then they will be capable of handling six times the present volume of cargo.

The Varna terminal is expected to handle a total of 158,000 containers this year, up from 100,000 in 2007, according to the port's director Dimitar Papazov, the report said.