Russia and Bulgaria, two of the most popular destinations for FDI in eastern Europe, look likely to suffer a drop in FDI in 2011.

While Russia recovered from 2009's recession to receive 453 projects in 2010, the country had only recorded 212 projects by the end of July 2011, according to greenfield investment monitor fDiMarkets. Russia's highest ever number of projects was recorded in 2008.

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Investments into Russia for July 2011 include that of Ukraine-based financial group PrivatBank, which announced a strategy to open 230 offices in the country. The company plans to open 60 offices by the end of 2011, having opened four since February 2011. It aims to actively develop its banking business in the country and is currently not conducting any talks with potential investors.

Bulgaria is experiencing a similar fate to Russia. It recorded its third highest figure in 2008. During 2009 numbers dropped but 2010 saw a moderate recovery. By the end of July 2011 it had recorded just 48 projects, much less than the projected figure for this period of time.

Some investors into Bulgaria in July include US-based PRA International, a leading clinical research organisation, which set up a legal entity in Sofia. It will support continued growth and expand operations in the Balkans, strengthening the company's ability to provide professional quality clinical services in Bulgaria and neighbouring countries.