60 Million EUR to be Invested in Golf Course Construction near Bulgaria's Banya

SofiaEcho, 06 July 2007

Karlovo municipality and Banya Golf and Spa Resort will discuss the opportunity for developing the town of Banya as a resort.
The municipality council and the investor will discuss the possibility for a public-private partnership, Focus news agency reported.

Investment will reach 60 million euro for the period of several years.

The company to be created will have 34 per cent municipality ownership and 66 per cent shareholding of the private investor.

Municipality ownership has been already evaluated at 12.6 million leva and the investor has to join the company with 25 million leva.

As part of the project, Banya's sports base will be renovated, and a golf course with a hotel complex will be constructed.

Banya Golf and Spa Resort is Bulgarian company. The municipality's requirements towards the investor include guaranteeing the development of sports for youth in the region.

* Photo kindly provided by Mr. Russ Draper.