Germany and Bulgaria in Joint Venture for Ammunition Production

Bulgaria and Germany have formed a joint venture to manufacture gunpowder and 155mm artillery ammunition, with a combined investment of €1 billion.

The production, destined for NATO countries, will take place in Bulgaria under two joint venture agreements with the German company Rheinmetall. The announcement was made by the leader of the GERB party, Boyko Borisov, during a meeting in Düsseldorf with Rheinmetall CEO, Armin Papperger.

Production will occur at the Vazovski Mashinostroiteleni Zavodi (VMZ) factory. Papperger stated that the European Commission has been informed about the project and funding has been secured through the SAFE mechanism. The agreements are expected to be finalized in 3 weeks.

Source: ΚΥΠΕ