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Bulgaria plans to train state employees in each municipality, to render personal assistance to major investors.
By the end of the year, every Bulgarian municipality will have such an expert, the chief of the Foreign Investments Agency has said. Pavel Ezekiev told Pari daily that the training is due to start in September.
International businessman who plan to invest more than BGN 50 million (around EUR 25 M) will be able to benefit from the new service, Ezekiev said.
Moreover, Bulgaria's sale body invited international tenders for the sale of five of its thermal power plants.
The competitions for thermal power plants in the towns of Lovech, Pleven, Gabrovo, Veliko Turnovo comply with the report on the energy companies privatization, as agreed by the Cabinet, the Privatization Agency said.
The agency invited an open-bidding tender for the sale of a 100% stake in thermal power plant Loznitza. The initial tender price is set at BGN 55,000.
Credit Suisse First Boston has already been chosen to consult the sale of Varna, Bobov Dol and Russe thermal power plants.
On the other hand the annual credit growth might fall to around 35 percent by the end of 2004, according to IMF Resident Representative in Bulgaria.
Following the restrictions on bank liquidity that have been agreed by Bulgaria and the IMF, the rate of credit expansion will come down from the unsustainably high rates that we've seen over the past year or two, James Roaf said in an exclusive interview for Novinite.com.
He underlined that banks will continue to be playing a major role in supporting investment and consumption.
At the beginning of July Bulgaria and the International Monetary Fund agreed on signing a two-year stand-by precautionary agreement for USD 100 M special drawing rights, which amounts to USD 130 M - USD 140 M.
As with previous programs, the main objective of the new agreement is on ensuring macroeconomic policies that support continued robust growth and low inflation, in the context of the currency board, James Roaf explained.
In the present situation this means addressing potential risks arising from a large current account deficit. This involves policies to keep demand in the economy from growing too fast, including a tight fiscal policy and restraints on bank lending, and structural reforms to encourage a stronger supply response, he said. The IMF is expected to approve the non-loan deal with Bulgaria at the beginning of August.
Thirty-five Bulgarian entrepreneurs were handed today special certificates under the Job Opportunities Through Business Support (JOBS) Project.
Economy Minister Lidia Shuleva and Neil Buhne, UNDP Resident Representative for Bulgaria presented the Project 100 start-up business certificates within the JOBS framework at a special ceremony on the 27th of July 2004. The 35 candidates whose business plans were approved will get financial aid of BGN 10,000 to BGN 15,000 for the start up of their business.
The JOBS project addresses the issue of unemployment in Bulgaria by creating sustaining long-term jobs through support to micro and small businesses in rural areas. The established network of 37 Business Centres covers 42 communities in Bulgaria and provides support to start-up and agricultural producers through consulting, office and information services.
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