The Super Bourgas project, which aims to renovate infrastructure facilities and open the city to the sea was effectively given a kick start at a launch ceremony attended by Transport Minister Petar Moutafchiev, Finance Minister Plamen Oresharski and Bourgas mayor Dimitar Nikolov.

The Joint Venture Zone for Social Public Access Bourgas will be entrusted with managing and operating public access to the port, seaport, railway station and the bus terminal in Bourgas. The contract was endorsed by Moutafchiev and Nikolov as well as the secretary of the executive committee, Pavel Marinov.

The next phase in the project is the actual architectural design and subsequent construction.

"The first phase towards fulfilling the task has been achieved," said Moutafchiev as quoted by Stroitelstvo Gradut on June 27. Meanwhile, Oresharski said that "this initiative will be beneficial not only to the city of Bourgas, but to our entire coastline".

The initial capital of the company has been agreed at 500 000 leva. Each of the main shareholders, the municipality of Bourgas, Railway and Port Infrastructure, Bulgarian State Railways (BDZ), and the Port of Bourgas will participate with a 20 per cent stake in the scheme.

During negotiations, it was revealed that the project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise. There will be a follow-up to this meeting, scheduled for October 10.

Source: propertywisebulgaria.