Bulgaria is to submit a demand to EU institutions that the central office of the European Medicines Agency (EMA) be relocated to Sofia, daily 24 reports, citing government sources.

The decision is motivated with the UK's forthcoming withdrawal from the European Union after June's Brexit referendum.

The EMA, headquartered in London, is responsible for the evaluation of medicinal products.

Bulgaria will compete with Croatia as the latter has already submitted its demand, the newspaper reports.

Other institutions Bulgaria will seek to host after Brexit include the European Bank for Reconstruction and Development (EBRD) and the European Banking Authority (EBA).

Sources, however, say the last two bids will face immense challenge from Frankfurt, which many expect to become the EU's financial capital in the afermath of Brexit.

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