New Defense Innovation center to rise in Sofia Tech Park
Bulgaria's government is establishing a Defense Innovation Center within Sofia Tech Park, aiming to develop prototypes and test new technologies, particularly drones and advanced defense systems.
The initiative will be jointly coordinated by the Ministries of Defense, Innovation and Growth, and Economy. Funded through EU-shared management instruments, the center is expected to foster collaboration between startups, SMEs, and the government.
NEK reports 139 million levs profit in 2024 amid market surge
The National Electric Company (NEK) closed 2024 with a net profit of 139 million levs, up from 95 million levs the previous year, driven by a surge in electricity market prices and increased sales volumes. Revenues rose by 20% to 2.1 billion levs, while costs decreased by 9% to 3.1 billion levs - mostly due to lower expenses for purchased electricity.
The company reported an 83% increase in traded volumes on the power exchange and significantly higher deliveries from nuclear and coal power plants. Despite the strong financial results, NEK warns of potential liquidity challenges coming from the expired agreement with ContourGlobal and regulatory uncertainties.
Pension hike in effect from July
The minimum pension in Bulgaria will rise by 8.6% as of July 1, increasing from 580.57 levs to 630.50 levs, according to Labor and Social Policy Minister Borislav Gutsanov. Hence, the average pension is expected to reach around 1,000 levs.
The adjustment, planned in last year's Social Security Budget, follows the legally mandated "Swiss rule." The maximum pension remains unchanged at 3,400 levs. Additionally, the social old-age pension will increase from 307.07 to 333.48 levs, affecting over 150 thousand people. This is for those over 70 who are on lower incomes.
New Defense Innovation center to rise in Sofia Tech Park
Bulgaria's government is establishing a Defense Innovation Center within Sofia Tech Park, aiming to develop prototypes and test new technologies, particularly drones and advanced defense systems.
