Bulgaria to Put Out Arms Companies for Privatization
Two state-owned weapons companies, a manufacturer and an exporter, are to be put out for privatization over the next few years, Bulgaria's draft midterm budget forecast reads.
VMZ-Sopot, which produces equipment, is to be offered in 2018, and defense equipment exporter Kintex comes next in 2019, according to a version of the forecast which has been offered to the general public for a debate.
Funding generated from the forthcoming deals will be set aside for the acquisition of new multirole fighter aircraft, according to the Finance Ministry.
VMZ Sopot has been ridden in financial problems over the past years, with workers facing layoffs and delayed payment. There have been several attemts at launching a procedure to sell the company.
Kintex's name emerged again last week following an inspection conducted by security and counter-intelligence agency DANS over specific deals done by the company.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Bulgarian Defense Minister: There is Real Danger that within 3-4 years We will Not be Able to Carry Out our Combat Duty Alone
- » Bulgaria is 67th in terms of Military Power. Who in the World is First?
- » Bulgaria will Repair its MiG-29 Fighters in Poland
- » Bulgarian Interior Minister: Migrant Pressure has Increased, but there are No Conditions for Concern
- » Bulgarian Defense Minister: 34 million dollars in Compensation have been agreed due to the Delay of F-16
- » Defense Minister: Repair Enterprises for Bulgarian Aircraft can Work without Service from Russia