Deutsche Bank to finance Rila Highway's construction
09 June 2009
Deutsche Bank plans to finance large infrastructure projects in Bulgaria, including the construction of Rila Highway, said Dr Thomas Rueschen director of Asset Finance & Leasing at Deutsche Bank. Rueschen's department is taking over the management of Deutsche Bank's participation in the Rila Highway project.
In March, Deutsche Bank signed an agreement with Glavbolgarstroy for advisory and financial structuring of the project, with which its partner will participate in the tender for the construction of the Rila Motorway.
According to sources, the idea for the Rila Motorway was triggered by the opening of the Super Borovetz Mountain Resort at the beginning of October 2007. Glavbolgarstroy is a long-term partner of Deutsche Bank in Bulgaria with respect to its involvement with large-scale infrastructure and investment projects. The two institutions are launching serious preparation efforts for the forthcoming tender, even though it has not been officially announced yet.
"The advisory on the project will involve professionals of Deutsche Bank, who have been part of the successful execution of similar projects in Hungary, Serbia, Croatia, Russia", the Head of Deutsche Bank Bulgaria Borislav Ivanov stated. Bulgaria's largest construction company Glavbolgarstroy is considered a leader in the future competition. Evgeni Marinov, Head of Glavbulgarstroy, said that the company had the capacity to construct the motorway in three years.
The Rila Motorway is planned as the connection between the Hemus, Trakiya, and Struma Motorways. It is also supposed to reduce the travel between the Rila Mountain resort of Borovetz, and the downtown of the Bulgarian capital to 40 minutes.
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