Finance Ministry to Decide on Bulgaria's Guarantee Fund for Iraq

Politics | April 16, 2003, Wednesday // 00:00

Bulgaria's Economy Ministry has not proposed the establishment of a state guarantee fund for Bulgarian companies participating in rebuilding post-war Iraq, said Deputy Prime Minister Nikolay Vassilev Wednesday. In his opinion, this is a business matter that has to be evaluated by the Finance Ministry.

The Bulgarian Agency for Export Insurance doesn't have the capacity to cover the political risk of Bulgarian supplies to Iraq.

The establishment of a state guarantee fund, as well as the increase of the budget of the Bulgarian Agency for Export Insurance were on the agenda of the Council for Economic Growth April 16.

In a separate development chairman of the Bulgarian Industrial Association Bozhidar Danev said the Bulgarian Government has declared a serious engagement in rebuilding Iraq.

Minister Keremedchiev and the advisor to Economy Minister Mario al-Jebouri are on a seven-day visit to the United States to negotiate the conditions for Bulgarian companies, willing to act as sub-contractors in the post-war reconstruction of Iraq.

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