The Federal Government and the Government of the Republic of Bulgaria welcomed an agreement reached between two parties to resolve the open economic issue that affects federal investment guarantees for projects in Bulgaria. As a result, Germany again will be able to consider applications for providing investment guarantees for Bulgaria. This way we are creating conditions for more complex economic cooperation between both countries.
This decision was preceded by an agreement between the two governments to close negotiations on the Kloesters-Zemeko investment , which was backed by a federal guarantee. After the failure to implement the aforesaid project in the construction sector, in 2009 the Federal Ministry of Economy has paid compensation under the investment guarantee to compensate the participation of the German company. Therefore, whilst clarifying the case, the federal government was not able to accept guarantees for German investments in Bulgaria. The agreement will contribute to further improvement of investment relations between the two countries.