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B U L G A R I A

B U L G A R I A. Official title Republic of Bulgaria Location Southeast Europe, bordering the Black Sea, Romania, Serbia, Macedonia, Greece and Turkey Form of the Government Parliamentary Republic, one chamber – 240 seats, elections every four years President Georgi Parvanov

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B U L G A R I A

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  1. B U L G A R I A • Official title Republic of Bulgaria • LocationSoutheast Europe, bordering the Black Sea, Romania, Serbia, Macedonia, Greece and Turkey • Form of the GovernmentParliamentary Republic, one chamber – 240 seats, elections every four years • President Georgi Parvanov • Rprime-minister Simeon Saxe- Coburg Gotha • Official Language Bulgarian, alphabet – cyrilic • CapitalSofia (1.2 million inhabitants) • Area(Thousands of km2):111 • Population(millions): 7.9 (2001)

  2. Credit Rating of Bulgaria Bulgaria has proven higher investment credibility BBВ- (stable outlook)by Standard&Poor’s; BBВ- (stable outlook)by Fitch IBCA; Bа1(stable outlook)by Moody’s; BBВ-(positive outlook)bythe Japan Credit Rating Agency June 2004 Standard&Poor’s gave an investment-grade foreign-currency rating

  3. Trade between Bulgaria and Japan (1995- September 2004, USD mln.)

  4. Japanese Investments

  5. Investments in the Energy Sector Project:Rehabilitation of U 1-4 &construction of FGDs at units 5 and 6 of Maritsa East 2 TPP • Rehabilitation of 4x150 MW units + installation of FGDs & Construction of FGDs at units 5 and 6 • EPC ContractorU1-4: Mitsui Co Ltd, JapanEPC Contractor FGDs 5&6 : tender May 2004 • Total investment EUR 226 M financed by JBIC – 85% of the project's cost 75 million euro, co-financed by ISPA (grant), EBRD (credit) and Maritsa East • Status: financial arrangements in process, S&P assigned 'BB' long-term corporate credit rating to Maritsa East II TPP

  6. Investments in the Energy Sector Project:Construction of replacing capacity on the site of Maritsa East 1 New capacity 2x335 MW + installation of FGD`s Total expected investment: EUR 900 M Project financed: BOO Status: financial arrangements in process, expected financial closure end 2004 • Expression of interest: • AES; • Mitsui + ENEL

  7. Bulgarian Economy, presented on the Internet • Ministry of Economy:www.mi.government.bg • Privatization Agency:www.priv.government.bg • Invest Bulgaria Agency:investbg.government.bg • Bulgarian Export Insurance Agency:www.baez-bg.com

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