Citibank Lends Bulgaria $77 Million to Upgrade Nuclear Station

["Sandy Perle" <sandyfl@earthlink.net>]

Citibank Lends Bulgaria $77 Million to Upgrade Nuclear Station
  
Sofia, Bulgaria, July 10 (Bloomberg) -- Citibank NA loaned Bulgaria 
$77 million to upgrade two reactors at the Kozloduy nuclear power 
station to bring them up to European Union safety standards. 

The loan, which needs parliamentary approval, will be given to the 
government in two tranches, will be paid back in 10 and 12 years 
respectively and will have a five-year grace period. The loan is 
guaranteed by the Bulgarian government and the U.S.'s Eximbank. 

``The money will be spent on a management software system and to 
renew equipment in order to meet European Union requirements and 
standards,'' said Ivan Shiliashki, chairman of the State Energy 
Agency. 

Bulgaria, like other former communist countries, is struggling to 
modernize its outdated nuclear power industry as moves its economy 
closer to the West. The country has drafted a plan to spend $380 
million to upgrade the fifth and sixth reactors at the Kozloduy 
plant, part of an agreement it made to begin membership talks with 
the EU. 

Germany's Siemens AG, France's Framatome SA and Atomenergoexport are 
participating in the project through a $212.5 million loan that the 
European Commission approved in April. 

The Citibank loan will finance the part of the project that will be 
performed by Westinghouse Electric Corp. 

Bulgaria has already pledged to close the oldest four units in 
exchange for an invitation to start EU entry talks last December. The 
EU also promised to finance the majority of money needed to upgrade 
the fifth and sixth units, the two newest at the station. 

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