March 28 (SeeNews) - The EBRD said on Wednesday it is providing 10 million euro ($12.4 million) loan on top of 28 million euro grant provided by the EU to Bulgaria's Varna to finance urban infrastructure upgrades that will increase roads’ flood resilience and reduce air pollution.
The financing will be used to make Varna’s roads more resilient to climate change, the European Bank for Reconstruction and Development (EBRD) said in a statement.
"Floods in Varna are frequent and have claimed the lives of many and caused disasters. The plan is to enhance flood prevention, by separating the rainwater and wastewater sewerage systems," the bank added.
The project, which falls under the EBRD Green Cities Framework, also includes a new temporary on-street paid parking zone supported by electric vehicle charging points, to be introduced in the coastal city in 2018.
The city, Bulgaria's third largest, will use part of the funds to plan the on-street paid parking zone and procure vehicles for on-street parking control such as tow trucks, electric and hybrid specialised vehicles and 31 electric vehicle charging stations.
All investments will have a positive environmental effect by reducing pollution and greenhouse gas emissions or improving resource efficiency, EBRD said.
($=0.8072 euro)