Ivan Boykov, Executive Director of the Bulgarian Construction Chamber, has warned about the impact of a loss of funding by end-2014.

Boykov explained in a Monday interview for the Bulgarian National Radio that the country risked losing a portion of the EU funding unless it managed to pay out the agreed sums by end-2014, adding that the situation in the construction sector was very worrying.

“There are many things that have to be paid and this affects construction too. The deadlines for the completion of a number of sites expire at the end of the current programming period. Contracts worth over BGN 3 B are to be implemented by the end of next year and the situation as regards payment is very serious,” he stated.

According to official statistics, the state owes some BGN 1.3 B to construction workers.

He also announced that a number of strategic infrastructure projects had been prepared.

Boykov also drew attention to the substantial lag in the implementation of projects in the water sector, adding that they would probably be completed in stages as Bulgaria was about to miss the deadlines stipulated in the contracts.

He emphasized that the Bulgarian Construction Chamber had not been included in the process of drafting a new Public Procurement Act.

He noted that the prospects of the sector depended on the prospects of the country.

“Unfortunately, there have been negative trends mainly in the sphere of foreign investments, 70|% of which are in construction. The budget envisages no funding for capital works and we are forced to rely on EU programs, which are plagued by problems too,” Boykov reasoned.