UNWE Announced it is under Threat of Bankruptcy

Society » EDUCATION | April 23, 2019, Tuesday // 11:50
Bulgaria: UNWE Announced it is under Threat of Bankruptcy

The University of National and World Economy (UNWE) announced with an open letter to the media that it is threatened with actual insolvency.

The reason lies in promised but unpaid funds amounting to BGN 15 million by the state in the face of the Ministry of Finance and the Ministry of Education and Science with which a new corps had to be built.

Its construction started in 2016 after a winning competition for 4.5 million leva European funding under Operational Program "Regions in Growth". The Ministry of Finance promises 7.5 million leva co-financing and the Ministry of Education - also 7.5 million leva, distributed in equal installments for three years. The construction of the new corps, which was due to end in June this year, was halted in 2017 due to lack of funds.

The UNWE states that they have signaled yet at the end of 2017, but there is no answer from the institutions.

On April 16, 2019, the project contractor invited the UNWE to voluntarily implement the ongoing project obligations. The University says that bills can be seized, which will lead to the suspension of scholarships and grants to students and PhD students, the salaries of teachers and employees.

UNWE insists on providing the necessary additional funds to implement the project at the amount of BGN 10.3 million.

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