22 November
Bulgaria's CiBank to lend 6M euro to Varna municipality
Bulgaria's CiBank has won a public procurement tender to lend more than six million euro to the municipality of Varna, Public Procurement Agency data showed.
According to the resolution published on the agency's website, CiBank was the sole participant in the tender.
As part of the agreement with CiBank, Varna will need to pay 2.5 million euro (VAT excluded) in interest and fees in addition to the loan principal.
The loan has been extended for a period of 10 years and will be used for financing investments projects in the municipality, with funds for the repayment to come from the municipal budget.
This is Varna's second attempt to draw funding after a tender launched in March for a 12 million leva loan fell through because of a lack of candidates.
