It is now clear where the new container terminal of Varna Marine Port will be located.
It will extend on over 17 hectares on the northern coast of Varna lake. The plot will be handed over as soon as Varna municipality and the Government sign the memorandum for reconstruction of the area. The whole project includes the re-location of the entire port to the western side of the lake and construction of holiday/tourist areas on the current grounds of the port.
The total cost of the project is estimated at 500 million euro and part of it will be financed by the Japanese Bank of International Co-operation, which has approved a loan of 226 million for construction of cargo terminals in Varna and Bourgas Ports.
Parliament is expected to approve the loan by the end of June and to appoint a concessionaire by the end of November 2008. If the project passes the necessary approvals with no delays, the construction works will start in August 2010 and should finish in 2014.