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Foreign Businesses in Bulgaria Repay EUR 430 M to Mother Companies

Date: 11.08.2011

"The payment of credits by the companies proves they are getting on their feet. This also proves that the companies are getting stabilized and are more solvent" - Bulgaria's Minister of Economy and Energy, Traycho Traykov stated.

Since January 2011, foreign businesses operating in Bulgaria have repaid 430 million euros to their mother companies as loan payments, Economy Minister Traycho Traykov said during a meeting with representatives of Bulgarian companies operating abroad.

"On the one hand it is sad to see that such lump sums fleeing the country, but on the other it means that the companies have already regained their financial stability and have started paying off their loans," the minister explained.

As a result of the abovementioned loan payments, however, the direct foreign investments in the economy for the period January-May 2011 have fallen by 26.9 million euro, while in the same period of 2010 they increased by 384 million euro.

In May 2011 foreign investments in Bulgaria increased by 33 million euro, against just 5.1 million euro a year ago.

Since 2008 in Bulgaria could be noticed a common European trend of lowering of foreign investments by four times on the average. In 2010 foreign investments in Bulgaria totaled 1.64 billion euros or by 30% less than in 2009. Investments in property, finances and construction works have decreased between 14 to 21 times. However, it is expected investments in industry and energy to persist on the same level and to reach 1-1.5 billion euros in 2011.

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