PM expects $1 BN investment after Bulgaria signs cooperation memo with two investors

Bulgaria’s Energy Minister Alexander Nikolov signed a memorandum on cooperation with Gemcorp Capital Management Ltd. and IP3 Corporation, in a move that Prime Minister Kiril Petkov said that he expects to bring the country $1 billion in investment.

The document regulates the cooperation between the parties on the planning and implementation of clean energy projects, alternative and strategic gas supplies, energy security, clean energy and nuclear energy development, the Energy Ministry said on March 23.

“Providing alternative, stable and affordable gas supplies to the country, increasing regional energy security and protecting critical energy infrastructure, developing projects for the use of low carbon technologies to support the transition to green energy, studies to build a hybrid industrial complex on the Maritsz East territory, as well as the development of sustainable use and management plans for nuclear fuel are among the strategic areas of partnership provided for in the memorandum,” the ministry said.

As a result of this partnership, investments worth about $1 billion are expected in Bulgaria, it became clear at the signing of the document, the statement said.

“Despite the risk associated with the military action in Ukraine, foreign investors appreciate the government’s actions in support of business,” Nikolov said.

Representatives of Gemcorp Capital Management Ltd. and IP3 Corporation expressed their belief that the Bulgarian government is moving in the right direction to fight against corruption and create a favourable investment climate, the statement said.

“In their words, thanks to our cooperation, our country has a unique chance of developing its energy infrastructure in line with the best technological solutions,” according to the statement.

(Photo: Ministry of Energy)

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