The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria.
The Russian RBC Daily has reported that the International Investment Bank, together with the International Bank for Economic Cooperation, is planning to invest up to EUR 500 M in different projects.
About EUR 9 M have already been invested in construction of commercial properties in Slovakia. Bulgaria and...
Mayor of Moscow Yury Luzhkov and Bulgarian Prime Minister Boyko Borisov have foramlly inaugurated a resort complex on the Bulgarian Black Sea coast owned by the Russian capital.
The Raduga complex, which is part of the Kamchiya resort, was built in 12 months, with an investment of about EUR 40 M.
The complex is owned by the city of Moscow, which invested in it in order to turn it into a recreational facility for Russian kids and pensioners.
The "Children's Health Camp Raduga", as it is...
Bulgaria's competitiveness slightly improved from last year but continues to lag behind most Central and Eastern European countries and EU member states, an annual ranking by the Switzerland-based World Economic Forum showed.
The country ranked 70th out of 139 economies in the Global Competitiveness Report 2010-2011, better than its 76th place in last year's report.
But most Central and Eastern European countries continue to outperform Bulgaria – Romania (63), the Czech Republic (36),...
The Russian company Transneft, which is the majority shareholder in the Burgas-Alexandroupolis project, has offered to take on the entire funding for the construction of the oil pipeline, sources told Klassa. The proposal was made in Moscow during a presentation of the financing for the project’s implementation attended by the shareholders in the project, the Finance Ministry confirmed. The Russian oil operator suggested their investment in the construction of the oil conduit to be paid back...
The Bulgarian Ministry of Finance has published proposals for adjustments in the tax system in a bid to increase revenue for the 2011 state budget.
The proposals, posted at the Ministry's website, do not involve an overall increase in taxation rates, but introduces greater levy burdens for some cases.
Key proposed innovations include a unified VAT for the tourist sector, a new offshore tax, as well as increases in the rates for fuels and some tobacco products.
Some of the amendments to...
Bulgarian and Romanian government representatives met in Bucharest and reached agreements on a number of joint energy pursuits, reported Mediafax.ro quoting the Romanian Ministry of Economy.
According to a release from the Romanian Ministry of Economy, Trade and Business Environment, the meeting took place in Bucharest end of last week and included Romanian state secretary in the Ministry of Economy Constantin Claudiu Stafie and Bulgarian deputy Minister of Economy and Energy Mariy Kossev,...
Bulgaria will have a budget deficit of 2.5% in 2011, and will bring it under 1% in 2013, according to Deputy Finance Minister Vladislav Goranov.
Speaking at a public discussion forum dedicated to the role of the political right in dealing with the economic crisis, Goranov declared that the Borisov Cabinet is succeeding in keeping down the budget deficit.
In 2009, after a revision of the figures in the spring of 2010, Bulgaria registered a budget deficit of 3.9% of GDP under EU accounting...
Bulgaria's Regional Development Minister Rosen Plevneliev is presenting investment opportunities at a forum in Berlin on Tuesday.
The "economic dialogue" forum "Bulgaria-Germany – New Opportunities for Trade, Cooperation and Investments in Bulgaria" is organized by the Bulgarian Embassy in Germany, the German-Bulgarian Chamber of Industry and Commerce (DBIHK), the Association of German Chambers of Industry and Commerce and the German Agency for Commerce and Investments with the aid of the...
The Varna-based Bulgarian Ship Hydrodynamics Center (BSHC) has been praised by a Bulgarian minister for managing to sell its high-level discoveries.
Bulgarian Minister in charge of EU funds absorption Tomislav Donchev has visited the hydrodynamics and aerodynamics institute, which is part of the Bulgarian Academy of Sciences.
"I was impressed by the fact that about one-third of the revenues of the hydrodynamics and aerodynamics center come from the sale of its scientific inventions, and...
The shareholders and project company of Nabucco have singed a mandate letter with three international financial institutions for the appraisal of the future natural gas transit pipeline, which has been hailed as a key step towards its successful construction.
The signing of the mandate letter of the shareholders and Nabucco Gas Pipeline International with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and IFC - a member of the World Bank...
In late November, the owners of one of the biggest family companies in the world, including Bonnier Group, Lombard Odier, IMD Group, will arrive in Bulgaria. The reason for their visit to Bulgaria is the forthcoming meeting in Sofia of the Board of Directors of the Family Business Network (FBN) International, whose members include 3,200 different companies from over 50 countries. This was announced by the Chairman of the Bulgarian Association of Family Business (FBN - Bulgaria), Hristo Iliev at...
Russian Investment funds show increased and growing interest in Bulgarian SPA centers both on the Black Sea coast and inside the country.
The information was reported by the Bulgarian National Radio (BNR) Tuesday, citing the President of the Bulgarian branch of the international real estate federation FIABCI, who said Russian investors are inquiring about possibility to purchase entire complexes at once.
According to the President, this a a new trend to replace individual private Russian...
UDF (Union of Democratic Forces) will propose a fiscal board to be introduced in Bulgaria, stated yesterday UDF Chairman Martin Dimitrov after a meeting of the National Executive Council. He added that this could happen only after the Law for the Structure of the State Budget and the Constitution were amended.
Dimitrov explained that the introduction of the Board will lead to the reduction of interest rates, increased foreign investments and GDP growth. The UDF leader called on Finance...
The Executive Agency for Promotion of Small and Medium-sized Enterprises (EAPSMEs) will allocate more than BGN 3 mln to organize business missions by 2012. The aim is to help firms with export potential to establish contacts abroad. An analysis is yet to be made which countries the business delegations will visit. Germany, Austria, Russia and India are currently being discussed. Groups of 20 Bulgarian businessmen (one from every company) will visit not only the capitals, but also other regions...
Rental levels in Bulgaria have tracked sideways in mid-2010 as the impact of softness in demand had been offset by the effect of restricted new supply, according to global research outfit Business Monitor International (BMI).
Surprisingly, BMI country sources expect modest rises in rents in Sofia and Varna and forecast that rental yields will continue to track sideways over the next year or so, as movements in rents are matched by changes in capital values.
At the beginning of 2010 rents...
The Bulgarian government is going to receive a dividend of BGN 41 M from the Czech-owned power utility CEZ Bulgaria.
This has become clear Monday after a meeting of Bulgarian Prime Minister Boyko Borisov with Jan Vavera, regional manager of CEZ for Bulgaria, which was also attended by Minister of Economy, Energy, and Tourism, Traicho Traikov, and Deputy Environment Minister Evdokiya Maneva as well as the head of Bulgaria's State Commission for Energy and Water Regulation (DKEVR), Angel...
The administration of the western Bulgarian city of Pernik has renewed its initiative for a connection to subway of the Bulgarian capital Sofia.
On Monday, the Deputy District Governor of Pernik, Radoslav Yordanov, announced that the local authorities have renewed their talks with the central government for the building of a new train station that will provide a connection between the Pernik-Sofia rail line and the Sofia subway.
Monday's talks were held with Deputy Transport Minister...
Greek investment fund Bluehouse Capital is to acquire four properties of Sofia-based ERG Capital 1 and ERG Capital 2 REITs in a EUR 27 M deal, according to media reports.
Bluehouse Capital has already signed preliminary contracts with the two companies, majority-owned by the Bulgarian-American Enterprise Fund (BAEF), Dnevnik daily reported, citing insiders to the negotiations.
The Bulgarian subsidiary of real estate consultants Colliers International has been picked as consultant on the...
The three biggest Bulgarian banks have put up for public sale seized real estates worth BGN 32,449 mln, shows an inspection of Klassa on the websites of the leading financial institutions. DSK Bank is the winner in assets declared for sale. The financial institution has offered to the market immovables worth BGN 23.16 mln. UniCredit Bulbank ranked second in assets worth BGN 5.678 mln put up for tender, followed by the UBB with seized real estates worth BGN 3.606 mln.
According to the...
Bulgaria's Boyko Borisov opened a much-advertised station for purification of waste waters near the central town of Sopot.
BGN 18 M were invested in the new facility, with BGN 4 M of these coming from the state budget, and the rest from EU Operational Program "Environment".
Borisov declared that the purified water had better drinking qualities than the tap water in the entire region. The purification station will serve 12 000 people in Sopot.
According to the Veselin Lichev, Mayor of...
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