Sofia smart city project gets Chinese funding

A smart city project in Bulgarian capital Sofia, funded mostly by Chinese capital, will start construction by the end of March, according to a senior executive leading the initiative.

Once up and running, the proposed high-tech entertainment and business complex, the first of its kind in Europe, is expected to create an incremental 1 percent of GDP growth and add at least 5,000 new jobs to the Eastern European nation, said Josie Lock, executive director of Chinese-owned Bulgaria Development Holdings Ltd, the major investor behind the massive project.

"Bulgaria falls within the list of Belt and Road Initiative-related economies. The 'smart city' concept is well proven in China and we want to bring such expertise to Europe," Lock told China Daily in an exclusive interview.