The Bulgarian city of Ahtopol, on the Black Sea, has a set up a joint venture with several Italian companies for the construction of a yacht marina.

The Yachtopolis joint venture has already handed the municipal council in Tsarevo, which has jurisdiction over Ahtopol, a letter of intent concerning the project, said Georgi Martinov, one of the company's executive directors.

The Ahtopol municipal administration is ready with the design concept for the marina which will dock 500 yachts and 100 fishing boats.

Yachtopolis was registered a year ago. It is 80%-owned by the Italian shareholders.

The Ahtopol marina project will be showcased at this year's Genoa International Boat Show.