The municipality of Varna in Bulgaria has designated a 17.5-hectare-plot of land for the development of a new container terminal at this Black Sea port, RZD-Partner reports.
The box terminal is estimated to cost EUR500 million (US$785.3 million) to build and is slated for completion in 2014.
The project will be partially financed by a loan from the Japan Bank for International Cooperation, which has agreed to extend EUR226 million to finance the construction of container terminals in both Varna and Bourgas, a report by Sofia Daily News said. Parliament will be expected to ratify the loan by June 30.
The site for the new container terminal is situated on the northern coast of Varna lake and will be handed over once the government and the municipality sign a memorandum for the re-development of the entire area.
The plan calls for the Port of Varna to be re-located to the western side of the lake, as well as for the construction of a recreational zone in the existing port area. Construction work is due to commence in August 2010.
The cabinet is set to review the memorandum in mid-April, according to the comments by Bulgarian Transport Minister Petar Moutafchiev cited in the report.
The box terminal is estimated to cost EUR500 million (US$785.3 million) to build and is slated for completion in 2014.
The project will be partially financed by a loan from the Japan Bank for International Cooperation, which has agreed to extend EUR226 million to finance the construction of container terminals in both Varna and Bourgas, a report by Sofia Daily News said. Parliament will be expected to ratify the loan by June 30.
The site for the new container terminal is situated on the northern coast of Varna lake and will be handed over once the government and the municipality sign a memorandum for the re-development of the entire area.
The plan calls for the Port of Varna to be re-located to the western side of the lake, as well as for the construction of a recreational zone in the existing port area. Construction work is due to commence in August 2010.
The cabinet is set to review the memorandum in mid-April, according to the comments by Bulgarian Transport Minister Petar Moutafchiev cited in the report.