The Bulgarian government is preparing to launch a public-private partnership to modernize the Varna-West and Varna-East port terminals. The procedure for attracting investors will be announced by the end of the year, and the analytical base of the project is being formed by World Bank experts.
The goal of the initiative is to attract international companies and funds that will provide funding for a large-scale infrastructure upgrade, increase cargo turnover and attract new shippers. The government is focused on transferring key port functions to private hands, considering this an effective strategy in the context of limited public resources.
The port of Burgas is cited as an example of the successful implementation of such a model. Thanks to the modernization of the Burgas-East 2 and Burgas-West terminals, cargo handling volumes there have increased by 30%, which reinforces expectations regarding the effectiveness of the Varna project.