Contracts worth BGN 14 M (EUR 7 M) marked the starting phase of the construction of Sofia Tech Park, a project aimed at boosting Bulgaria's research and innovation capacities.

Deputy Minister of Economy and Energy Ana Yaneva attended the starting session, at which the contracts for engineering, project and building activities for the "Laboratory and office spaces" and "Experimentarium" compounds of Sofia Tech Park were signed, as Money.bg reports.

Construction is expected to be finished by end-2015 or the first weeks of 2016.

A total of eleven laboratories will be built at Tsarigradsko Shose boulevard in Sofia, where the old barracks once stood.

They will serve as centers for developing scientific research, solving business problems and setting up startup companies.

Public areas, such as a park, exhibition spaces, a visitor center and bike paths will also be available.

The "Experimentarium" compound will allow the general public an insight into the achievements of companies and universities working at the Sofia Tech Park.

Sofia Tech Park has memorandums for cooperation with the Bulgarian Academy of Sciences (BAN), the Sofia Technical University, the Sofia University St. Kliment Ohridski, the Medical University in Sofia and the University of National and World Economy in Sofia.

Some EUR 50 M have been allocated for the project by the future EU operational program Innovation and Competitiveness. A national co-funding of EUR 7.5 M has been secured, while Walltopia, a Bulgarian company that has become one of the world leaders in manufacturing of climbing walls, has also said it would invest into the facility.