MRF pushes for FDI screening
Despite its issues with USA law and having Magnitsky-sanctioned MP's, the pro-Turkish MRF party has pledged support for a bill backing the screening of all foreign direct investments (FDI) in Bulgaria.
The draft law practically introduces a licensing regime for a large part of FDI which will have to be vetted by a specially created body - the Interdepartmental Board for Screening Foreign Direct Investments. Notwithstanding the bill's good intentions, almost every investor with a shareholding other than Bulgarian will have to pass through this filter.
The bill, introduced by Mustafa Karadayi, Delyan Peevski, Stanislav Atanasov, Petar Chobanov, Hamid Hamid and Halil Letifov, stipulates that each FDI should receive prior permission from the screening council if: it concerns the areas of activity specified in art. 4, item 1 of Regulation (EU) 2019/452 and if its value exceeds the threshold of 1,000,000 euros or their equivalent in Bulgarian levs.
Bulgaria loses major arbitrage
The tribunal of the World Bank (ICSID) has found that Bulgaria has violated the Energy Charter Treaty and has awarded more than 61 million euros plus interest and costs to the plaintiff - registered in Malta ACF Renewable Energy Limited, which in 2012 became the owner of the PV installation near the village of Karadzhalovo.
This is the first lost arbitration for Bulgaria, after several similar solar cases were brought against the country over the past decade, including by the likes of CEZ, EVN and Energo-pro. The EVN case was decided in favor of the state back in 2019.
Swipe.bg with fresh funding
Bulgarian startup Swipe.bg, which buys, restores and sells used phones, has raised another EUR 1.4 million after a 1 million levs funding in 2022. Investors are the funds Vitosha Venture, NV3, Sofia Angels Ventures and numerous business angel-investors.
The company claims they have received backing because the prices are noticeably lower than in the commercial network, and the quality is often similar.
The firm's revenues increased fivefold in 2023, to just under 5 million levs.
MRF pushes for FDI screening
Despite its issues with USA law and having Magnitsky-sanctioned MP's, the pro-Turkish MRF party has pledged support for a bill backing the screening of all foreign direct investments (FDI) in Bulgaria.
