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Bulgaria To Cancel $452M Japan Loan

Bulgaria is planning to terminate a $452 million loan taken from the Japan Bank for International Cooperation to build container terminals in the Black Sea ports of Varna and Burgas.

    Bulgaria is planning to terminate a $452 million loan taken from theJapan Bank for International Cooperation(JBIC) to build container terminals in the Black Sea ports of Varna and Burgas,Bloombergreports, citingDnevnik. The loan, which was granted in 2008, has not been used as the construction of the terminals has not started.

    Bulgaria was unable to repay an earlier $52.4 million loan from JBIC for a bulk- cargoes terminal completed in 2010. The government is planning to lease the bulk-cargo terminal for 35 years as it is expected to become profitable after 2028.

    Click here for the story fromBloomberg.

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