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Bulgarian State Owes Over BGN 1B to Construction Companies

Business | July 17, 2014, Thursday // 14:13| Views: 815 | Comments: 0
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Bulgaria: Bulgarian State Owes Over BGN 1B to Construction Companies Photo by BGNES.

Over BGN 1B are the obligations of the state and municipalities to construction companies, Bulgaria's Construction Chamber CEO Ivan Boykov claims.

The Bulgarian Construction Chamber (BCC) suggests stopping construction works on projects under the Environment and Regional Development OP. The problem stems from the suspended European funds - the primary source for financing construction, Investor.bg informs.

The Chamber reminds that a meeting with the National Association of Municipalities was held in order to discuss possible solutions to the problem. The two organizations requested a meeting with the responsible institutions in a letter from July 7, but received no answer.

The Chamber further reports that it gets daily inquiries from construction companies in bad financial condition, asking how to proceed. That is why the solution, proposed by the Chamber's CEO is to stop construction.

Boykov called on politicians of the current and future government to "go to Brussels and to unclog the suspended European funds", as quoted by Investor.bg.

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Tags: Bulgarian Construction Chamber, environment, regional development, construction, suspended funds
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