site.btaInnovation Minister Announces BGN 150 Mln Funding for Industrial Technology Park in Svishtov

Caretaker Minister of Innovation and Growth Rosen Karadimov announced at Thursday’s groundbreaking ceremony that BGN 150 million in funding has been secured for the Danube Industrial Technology Park in Svishtov. The project is expected to transform the town and municipality within a year and a half.

Karadimov said the outcome of the joint efforts between the State and municipalities is being showcased for the first time. A month ago, the qualification of the project was announced. Since then, funding has been secured through a financial instrument from the National Association of the Municipalities in the Republic of Bulgaria (NAMRB) and the Bulgarian Development Bank (BDB).

The Ministry of Innovation and Growth has provided a significant portion of the project funding through a grant. Both financial institutions, NAMRB and BDB, are also participating with bridge financing, and the InvestBulgaria Agency is ready to offer support to the investors themselves. "It is clear that much can be achieved in a month if everyone knows their role and the institutions are working in tandem", Karadimov said. He also noted Svishtov Mayor Gencho Genchev's important role in the project.

"Eight parks are being developed in Northern Bulgaria under the same scheme," Karadimov said. "These industrial parks address regional disparities and create opportunities for investors to come—these sites are prepared for investors to arrive and change the way of life for the people. The young people graduating from the Academy [of Economics] in Svishtov will stay here. The industrial parks provide the opportunity for the standard of living in Svishtov to be no different from that in Plovdiv or Burgas", Karadimov said.