December 14, 2013 / 2:11 PM / 6 years ago

Bulgaria raises 290 million euros to finance budget shortfall

Bulgarian Prime Minister Plamen Oresharski reacts during an interview with Reuters in his office in Sofia July 26, 2013. REUTERS/Stoyan Nenov

SOFIA (Reuters) - Bulgaria has raised 290 million euros ($398.18 million) in private placement Schuldschein loans to finance its budget shortfall, the finance ministry said in a statement on Saturday.

Last month, the parliament has approved a deal that allows Deutsche Bank (DBKGn.DE) and Raiffeisen Bank International (RBIV.VI) to arrange the loan, a traditional German debt instrument that Bulgaria, a European Union member, will be using for the first time.

The loan deal entails tranches of seven, 10 and 15 years paying fixed-rate interest rates.

($1 = 0.7283 euros)

Reporting by Angel Krasimirov Editing by Jeremy Gaunt.

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