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Sofia Municipal Privatization & Investment Agency Opens New Office  



Sofia Municipal Privatization & Investment Agency opened its new office on 12 Gurko Str. We hope that this will improve our cooperation with our colleges from Sofia municipality and prosperous business partners doing business in our city. 

For 2017, 5 reports were prepared upon request of Sofia Investment Agency, presenting current data on the environment in Sofia – an economic profile of the city, its labor force, the outsourcing industry, the IT sector and the development of tourism, Vladimir Danailov, Chief Executive Officer of the Agency, announced at the opening. He added that Sofia continues to be the largest regional economy in the country, providing the highest standard of living. It is characterized by good absorption of European funds, which is a major source of public investment. A total of BGN 3.5 billion was absorbed by the end of September this year and the IT sector’s share rose from 3.8% to 5.7% of the total output and to almost 50% of the wider branch of information technology.

 

The agency was established in the summer of 1992 and for its 25-year history it has the highest number of deals concluded by a privatization body in the country – nearly 2900, Dr. Verginia Stoyanova, Executive Director of Sofia Municipal Privatization & Investment Agency said. As a result, the cash receipts total some BGN 500 million. The funds from privatization enabled Sofia Municipality to implement its own investment program. A number of projects have been implemented in the last few years, including the construction of new schools and kindergartens, reconstruction and renovation of healthcare facilities, construction of new playgrounds and sports facilities. At the same time, the concluded deals, controlled directly by the Agency and accounting for only 9% of all sales, brought additional investment in the amount of BGN 160 million and created more than 18 000 jobs. Nikolay Stoynev, Chairman of the Supervisory Board of Sofia Municipal Privatization & Investment Agency and Deputy Chairman of Sofia Municipal Council, thanked the Agency’s team for their efforts. Sofia enables more and more successful business partnerships that bring even more added value to the economy of the city, he said.

 

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