The World Bank has agreed to lend Bulgaria €15 million (£10 million, $19.9 million) to put towards its social inclusion policies and infrastructure.
Bulgaria is working to improve its social inclusion as it continues to open up trade with other EU nations - a process that could be of benefit to property investors in the area because of the associated economic benefits. The Novinite.com Sofia-based news agency said that the loan has a 17-year maturity, as well as a 5-year period of grace.
Shigeo Katsu, the World Bank's regional vice-president for Europe and central Asia, commented: „Building up the institutional capacity is of key importance for Bulgaria now when the country has to utilize EU accession funds and this project will help in that respect.” Recent statistics from the Bulgarian National Bank revealed that foreign property investment in the country has increased rapidly over the first 3 months of 2007. The Sofia Echo quoted Prian.ru as saying that foreign property investment in Bulgaria reached €1.13 billion ($1.5 billion) in 2006. (ready2invest.co.uk)