Government establishes golf development company
08 February 2008
The Bulgarian government decided to set up a state corporation that will design, build, operate and manage golf resorts. For the purposes of Golf Development's inaugural project, the government has contributed to the assets of the new company 12 plots from the state woodland stock near Balchik, on the Black Sea.
The government jumps on a bandwagon that in this particular area already features golf projects from Varna-based business conglomerate TIM and local businessmen Grisha Ganchev and Krasimir Gergov.
Over 20 golf developments are in progress across the country, including six north of Varna.
Golf Development, launched with a capital of 9.2 million Lev, is created roughly a year after Prime Minister Sergei Stanishev said that Bulgaria should be positioned as a golf destination and appointed a group of experts to devise a development strategy.
It was not immediately clear what will be the size or source of the financing for the golf developments nor who will be the building contractor.