Bulgarian Defense Minister Todor Tagarev has announced that, after Parliament on Friday approved the $1.208 billion purchase of Stryker armored vehicles, the contract will come into forrce as soon as Bulgaria makes the $263 million down payment.
The Bulgarian National Assembly today, December 1, ratified the International Agreement (LOA) for the procurement of Stryker combat vehicles with 148 votes in favor, 54 against and 5 abstentions.
Defense Minister Todor Tagarev thanked the people’s representatives who supported the Investment Expenditure Project and the ratification of the contract. “Today you will hold a small celebration for the Ground Forces, who have been waiting for a new combat vehicle for more than 35 years,” he addressed the deputies.
The contract was drawn up in accordance with the requirements of the American military sales legislation under the Foreign Military Sales (FMS) Program, which regulates the acquisition of American military equipment and technology.
The estimated value of the Letter of Offer and Agreement (LOA) for the procurement of Stryker combat vehicles is $1,208,560,357.00, or $1.208 billion. The contract will become effective upon the payment of the down payment, in the amount of US$263 million. The contract provides the balance to be paid in annual instalments in the period 2023-2027.
The guarantor of the process for providing US defense products, services and training under the contract is the US government.