Bulgaria is going to construct a national sports center for BGN 90 M, Prime Minister Boyko Borisov announced Tuesday.

Borisov and Simeon Peshov, President of the Glavbolgarstroy construction company, signed the contract for the construction of the new sports hall, which is expected to be ready in April 2011, and to have a capacity of 16 500 people.

The Prime Minister pointed out that the project was initially expected to cost BGN 107 M but that the executer has agreed to complete it without a profit.

"Glavbolgarstroy is going to build the most sizable sports hall in Bulgaria without making any profit because it is going to profit from the advertising", Borisov explained.

"We have reduced our profit to zero. This is normal at a time of crisis. We have 4 000 employees, and we want to keep them. There is no other project that will contribute so much to our image", the Glavbolgarstroy Director Peshov said.

The Prime Minister noted that the contract for the construction of the new sports facility was one of the anti-crisis measures of his cabinet.

"The real measures against the economic crisis mean to provide work for the business sector", Borisov said mentioning that the first payment for the largest indoor sports facility in Bulgaria will be made in April 2010 because the 2009 state budget could not afford it.

Bulgaria's new national sports center will be located on the Tsarigradsko Shose Blvd, close to the sports facilities of the CSKA football club.

The new sports center will also be used for concerts and other large-scale events as it would provide the largest indoor space in Bulgaria. It is also going to have a smaller training hall with 580 seats.

The government of former PM Stanishev broke the ground for the construction of the sports hall on June 29, 2009, a week before the 2009 Parliamentary Elections that the ruling Socialists lost.

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