Bulgaria capitals

Spending plan for Greece-Bulgaria interconnector unveiled (exclusive)

BAKU, Azerbaijan, February 4

By Leman Zeynalova – Trend:

A total of €183 million has been spent on the Greece-Bulgaria Interconnector (IGB) construction project by the end of 2021, ICGB Managing Director on the Bulgarian side, Teodora Georgieva, said in a statement. an exclusive interview with Trend.

“As you know, the total budget approved for the IGB gas pipeline is 240 million euros and it is guaranteed by a long-term loan from the European Investment Bank (110 million euros), the European energy program for the recovery (EUR 45 million), the Innovation and Competitiveness Operational Program (EUR 39 million) and the participation in the capital of shareholders – in this case the Bulgarian Energy Holding and IGI Poseidon EUR 28.5 in the framework of the OPIC grant. For the first quarter of 2022, we anticipate that an additional 8 million euros will be used within the framework of the OPIC”, she said.

Georgieva noted that the way IGB financing is arranged – not least due to the EIB’s strict vetting procedures – the project company does not receive the full budget in advance and does not allocate it to contractors immediately. after.

“For each financial tranche to be approved and used, we undergo audit procedures both at the pipeline site and in terms of document review. After passing each audit, the ICGB receives the corresponding funds and ensures monitoring payments due to its subcontractors for the IGB. This process helps us to ensure that there are several levels of control over the project, including from independent international institutions,” he said. she explains.

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