The size of the financial package has not been disclosed but it is claimed much of the new funding from Lafka will go towards creating and developing sporting opportunities for children from disadvantaged backgrounds, including offering scholarships and building sports facilities and playgrounds.

"BOC launched a new partnership and I am glad that in these difficult times [it] is one to support Bulgarian sport," said BOC President Stefka Kostadinova, who is a former high jump Olympic and world champion and still holds the women's world record of 2.09 metres set at the 1987 World Championships in Rome.

"We are grateful that Lafka [has committed] to long-term support to be able to give birth to new stars waving [the] flag of Bulgaria in the world."

Kostadinova was joined at the signing by executive directors of Tabac Market JSC - which is the parent company of Lafka - Boris Zachariev and Victor Nalbantov.

"We are honoured to be partners of the Bulgarian Olympic Committee," said Nalbantov, speaking at the Grand Hotel in Sofia.

"We believe that this will assist the active Bulgarian sport and promote the successful development of young native talent."

Wrestler Stanka Zlateva was one of only two Bulgarian athletes to win a medal at London 2012 ©AFP/Getty Images



The Bulgarian National Olympic Committee was established in 1923 and Bulgarian athletes have won 220 medals at Summer and Winter Olympic Games with wrestling and weightlifting contributing 16 and 12 gold medals respectively.

Bulgaria sent just 63 athletes to London 2012, its smallest delegation to an Olympic Games since 1964, and failed to win a gold medal for the first time since 1952.

The nation did, however, win two medals in London, with Stanka Zlateva claiming a silver in wrestling and Tervel Pulev a bronze in boxing.