The Bulgarian Cabinet created Wednesday a limited state company for the management of Balchik Airport, following up on plans to transform the idling military facility into an international airport.
The company, with capital of BGN 0.39 M, will be exclusively owned by the state, with the Minister of Transport (at present, Ivailo Moskovski) exercising the state's ownership.
Balchik is located north of Varna, Bulgaria's largest Black Sea city and the site of the country's two seaside airports, the other being 130 km south near Burgas.
In the beginning of the summer season, Bulgarian PM Boyko Borisov had announced plans to convert the military facility near Balchik into a civil airport to better serve Bulgaria's northern sea resorts Golden Sands, Albena, as well as further tourists locations to the north.
In July the cabinet decided to invest BGN 30 M in the airport before granting it on concession to a company that is going to manage it.
PM Borisov and Minister of Transport Moskovski argued that Bulgaria needs to invest that money, as the project is strategic and will give adequate returns.