Cabinet Sets Up Golf Development Firm

Bulgaria's Cabinet decided on February 7 to set up a state-owned company that would design, build and operate golf courses in the country, its press service said in a statement.

The Government said it wants to promote the construction of golf courses and clubhouses as an alternative to the over-construction in coastal and ski resorts in the country.

"Golf tourism offers some of the highest rates of return in the world. Combined with its mild climate, natural sights and mineral springs, Bulgaria could become the preferred golf destination in the Balkans," the statement read.

The Bulgarian state will be the sole owner of the company, which will be endowed with 12 plots of land near Balchik on the Black Sea coast, valued at 9.1 million leva. The land is now used by the State Agency for Forestry to breed game.

The firm, Golf Development, will be managed by a three-member board, who will be appointed for three-year terms.