Send to KindleSofia Tech Park, Bulgaria's first technological park, will start generating revenue no earlier than end-2015, when it is expected to start functioning at full capacity, according to a report on the implementation of the project in Q1, 2013.
The Sofia Tech Park company is currently working on an investment program which is to be implemented within 2.5 years.
Sofia Tech Park is to cost EUR 50 M, EUR 42 M of which will be provided under Operational Program Competitiveness and the remaining EUR 7.5 M will be national con-financing.
The slot earmarked for the project is on the 4th kilometer intersection of the Tsarigradsko Shose Blvd in Sofia.
Sofia Tech Park is still not functional despite the fact that the project company was established a year ago.
According to the report, during the period January-March 2013, Sofia Tech Park was able to meet costs but at a later stage it will need to secure extra resources to be able to cover expenses to suppliers while the project is being evaluated in Brussels.
By end-March 2013, the Sofia Tech Park company had a total staff of 18 people and a sum of BGN 130 000 went into salaries and social security contributions during the first quarter of the year, meaning that the average monthly salary amounted to BGN 2400.
Despite the fact that it is not functioning, Sofia Tech Park already incurs substantial expenses, with BGN 20 M is to be spent on events and trainings starting from mid-2013 on, according to Sofia Tech Park CEO Elitsa Panayotova.
Sofia Tech Park has also launched five public procurement procedures, the biggest of them for a BGN 617 000 contract for security services and BGN 307 000 for legal counseling.
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