[Congressional Record Volume 146, Number 54 (Thursday, May 4, 2000)]
[Extensions of Remarks]
[Page E645]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        RECOGNIZING AND CONGRATULATING THE BULGARIAN GOVERNMENT

                                 ______
                                 

                            HON. KEVIN BRADY

                                of texas

                    in the house of representatives

                         Thursday, May 4, 2000

  Mr. BRADY of Texas. Mr. Speaker, on behalf of myself and my colleague 
from Louisiana, John Cooksey, who also serves with me on the House 
International Relations Committee, I would like to take a moment to 
recognize and congratulate the Bulgarian Government--particularly Prime 
Minister Ivan Kostov and Deputy Prime Minister Peter Zhotev--for the 
significant efforts that the Government has made over the last two 
years to strengthen Bulgaria's economy, and in particular, Bulgaria's 
energy sector.
  After years of economic decline and mismanagement under socialist 
rule, we are pleased to see that the country's economic picture is now 
showing solid signs of improvement. In 1999, inflation dropped to 6.2 
percent and the country's economy grew by 2.5 percent. In 2000, a 4% 
level of growth has been targeted and appears to be achievable.
  There is no doubt, that Prime Minister Kostov and his team have 
played a key role in making this improved picture possible through a 
variety of accomplishments, including turning over 70 percent of the 
country's economic assets to private hands, restoring 95 percent of the 
country's nationalized farmland to its original owners and, completing 
nearly 1100 privatization deals in 1999 alone (representing nearly $587 
million dollars in proceeds for the Bulgarian treasury).
  Additionally, the Government recently pledged, over the course of the 
coming year, to continue progress on a variety of tough anti-
corruption, anti-crime, and judicial reform programs and to find new 
ways to help alleviate poverty and unemployment in the country.
  The ongoing reforms and the restructuring process that are taking 
place in the country's energy sector are also impressive and lead to 
attractive foreign investment opportunities. In this sector, over the 
coming year, the Government plans to: continue its efforts to eliminate 
state subsidies; close inefficient production facilities; begin the 
separation of generation, transmission and distribution assets; and 
take actions to encourage further foreign investment in the sector.
  Each of these steps/actions represent an important part of the 
Governments ongoing efforts to comply with IMF targets and meet the 
deregulation and environmental standards that will be necessary 
precursors to eventual European Union membership.
  We would like to highlight one particularly promising project that 
the Government is undertaking in the country's energy sector. In 
conjunction with a well-known U.S. company--Entergy Corporation, this 
project will modernize one of Bulgaria's important energy facilities: 
the lignite-fired, Martiza East III plant (located in the town of Stara 
Zagora, approximately thirty-seven miles from the Turkish border).
  Once the planned improvements and upgrades are completed at this 
facility, the plant will meet stringent environmental standards, which 
will lead to a reduction in levels of sulfur dioxide emissions by at 
least 90%. In addition, the implementation of the Maritza East III 
project will also help to ensure that Bulgaria has a sufficient 
reliable capacity of electricity as it moves to close down a Soviet 
designed nuclear power plant deemed unsafe by E.U. standards. It is our 
understanding that Entergy also plans to support the community around 
the power plant through worker training programs, environmental 
improvement programs and the identification of a variety of projects 
for social investment. The Maritza East III project will bolster the 
Bulgarian economy by the purchase of more than $75 million dollars 
worth of local goods and services and the creation of 600 construction 
jobs. In short, we believe this partnership between Bulgaria and 
Entergy is a win-win situation.
  We look forward to seeing additional progress in Bulgaria over the 
coming year and to the country becoming an important, reliable and 
efficient energy hub in the Balkan region. We also look forward to a 
growing level of involvement in the country's energy sector by American 
companies.
  Congratulations again to the Bulgarian Government for a job well done 
and to continued progress for a prosperous and peaceful future.

                          ____________________