Procedure Begins to Select Financing Institution for Vertical Gas Corridor, Says Energy Minister

A procedure to select a financing institution for the Vertical Gas Corridor is officially underway, Energy Minister Zhecho Stankov announced to journalists in Rome on July 11.

"As you know, Bulgaria is the first country working on this infrastructure. The good news is that the financial institutions are ready to provide resources that are eight times greater than what we actually need, and the interest rate is below 2% — significantly better than expected," said Stankov.

He explained that the funds will be secured with a state guarantee.

"This shows the confidence of the financial institutions in the state, as well as confirming the interest in the Bulgarian energy sector that was shown during the bond we issued a few weeks ago."

When asked whether there is a connection with Bulgaria’s accession to the eurozone, Stankov responded:

"This is a capitalisation of the positive effect stemming from the good news from Brussels regarding Bulgaria’s eurozone accession."