BULGARIA — Bulgaria’s government announced on Wednesday that it had secured a $1 billion loan from the United States Department of Commerce for broadcasting and online services in the country.
Bulgaria’s Ministry of Communications and the Ministry of Industry and Technology will take over the management of the $1,700 million loan and the financing will be provided through the National Investment Bank, said Bulgaria’s Culture Ministry.
Bulgarian media outlets will be able to publish new content, as well as other media, as part of the financing, it said.
The loan is for the production and distribution of new content and online media services, it added.
Bulgatia is one of the poorest countries in Europe, with an average annual inflation rate of 10.5 percent.
Bulatia’s economy is suffering from a weak export sector and a slowing global economy.
Bulgurian President Rosen Plevneliev and his deputy, Nikolay Tvetsov, have vowed to create an “expert-driven” economic policy in the years ahead, while also increasing government spending to boost domestic demand and investment.
President Plevnelliev is a longtime critic of the country’s political elite, who he says have been benefiting from the countrys economic woes.