Wednesday marks one year since opposition politicians, led by Hristo Ivanov from Democratic Bulgaria, descended on a beach near Burgas, an area practically "privatized" by MRF leader Ahmed Dogan. The live streamed landing sparked a sequence of events that led to the largest protests since 2013. Revisit what happened last July in this Kapital Insights' piece.
Also, caretaker Prime Minister Stefan Yanev warned that "a stable government needs to be formed" to deal with the "difficult times that I am afraid are coming our way" during the last pre-election government sitting.
New managers finally appointed to the Bulgarian Development Bank
After a two-month long saga and two court cases blocking the process, the state-owned Bulgarian Development Bank (BDB) finally has new management. Two out of the three members of the supervisory council of the institution, and three of the five members of its management council, were signed into the Company Register profile of BDB. Caretaker Economy Minister Kiril Petkov, who launched the process at the start of his mandate in May, commented that the bank finally has a professional managerial team and will work for the development of small and medium enterprises rather than for the interests of politically connected companies.
German e-car startup Next.e.GO Mobile plans factory near Lovech
After Mr Petkov alluded that the Economy Ministry has engaged in negotiations with a Western investor for the launch of an e-vehicles production facility in Bulgaria, on Tuesday evening he announced the company's name. It is German e-car startup Next.e.GO Mobile which is planning an investment worth 140 million euro in a brand new plant that ought to open for business by 2023 and provide more than 1,000 jobs. The startup focuses on decentralized production of its small e-cars designed for urban usage and already announced plans to open a factory in Greece capable of producing up to 45,000 cars per annum.
European Commission also expects higher GDP growth of 4,6 percent for Bulgaria in 2021
After one of the largest European banks - Unicredit - revised its forecast for Bulgaria's economic growth on Monday, the European Commission also reviewed its projections for the economy. Brussels now expects 4,6 percent growth, compared to winter forecasts of just 2,7 percent. The outlook is based on the strong performance of the Bulgarian economy in the first quarter due to a spike in domestic consumption and exports. The Commission expects an increase of the inflation rate to 1,9 percent due to the higher costs of energy resources.