EU Commission Allows Bulgaria to Use EU Funds for Sofia Tech Park

Bulgaria has been given the thumbs up to spend BGN 83 M co-financed by the European Commission on the construction of Sofia Tech Park, officials say.

Tuesday's approval from the EU Commission's Directorate-General for Competition comes after the money had remained frozen for months.

The move will enable Bulgaria's Economy Ministry to receive advanced payment which is to cover current costs.

First sods on Sofia Tech Park are now expected in December, with President Rosen Plevneliev to carry out the ceremony.

Contracts under the Sofia Tech Park project were signed as early as May this year.

Economy Minister Bozhidar Lukarski described the Commission's decision as positive.

"The procedure is a message to businesses that the scientific and technological park will become reality and we are waiting for the interest in the project to grow," Lukarski told reporters.

National financing of the project amounts to approximately BGN 15 M.

Climbing-wall manufacturer Walltopia, a world leader, has declared it will be the first private investor into Sofia Tech Park and is also expected to start construction of its Collider Activity Centre next month.

Sofia Tech Park is expected to be complete by end-2015 or the first weeks of 2016.