Bulgaria To Get 42.5 Mln Euro in EU Funding for Construction of Sofia Tech Park

Bulgaria To Get 42.5 Mln Euro in EU Funding for Construction of Sofia Tech Park

Bulgaria will obtain 42.5 million euro ($56.1 million) in EU funding for the construction of Sofia Tech Park, the country's economy ministry said.

The financing will be provided under the EU-funded operational programme Competitiveness, the ministry said in a statement on Thursday.

A total of 7.5 million euro for the project, estimated to cost some 50 million euro in total, will be provided from the state budget.

Half of the funds will be used for the preparation of the area and reconstruction and construction of buildings, 30% will be earmarked for equipping high-tech laboratories and the rest will be spent on other core measures.

The park, which is expected to become operational by the end of 2015, will cover an area of 270,000 square metres.

Sofia Tech Park, the company that will run the project, has been set up with a capital of 3.0 million levs ($2.0 million/1.53 million euro).

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