Bulgaria to give further 706 mln euro to Avtomagistrali

Bulgaria's government pledged to allocate 1.38 billion levs ($782 million/706 million euro) to state-owned company Avtomagistrali for the construction of a 88.9-km long section of Hemus motorway - the last stretch for which funding has not been provided so far.

The government will sign an agreement with the road company for the implementation of the project and will transfer 483 million levs to the regional development ministry's 2019 budget to finance the works, the cabinet said in a statement following its weekly meeting.

The 88.9-km section begins near the Hemus motorway junction with road I-5 near the city of Veliko Tarnovo, in north-central Bulgaria and runs eastwards to the Buhovtsi-Belokopitovo section, which is currently under construction.

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The state funding of 1.38 billion levs will finance the design and construction of the motorway section by 2022.

Last year, Bulgaria signed a 1.3 billion levs contract with Avtomagistrali for the construction of some 134 km of Hemus motorway - a project that is still ongoing.