|
Romanian roads to be upgraded with US$ 80 million loan from European Bank
A US$ 80 million (ECU 66.1 million equivalent) loan to help Romania improve the condition of its roads was signed today by Mario Sarcinelli, Vice President of the European Bank for Reconstruction and Development, and Florin Georgescu, Minister of State and Minister of Finance of Romania.
"Even when financing road rehabilitation, the European Bank does not forget its basic mandate to promote the development of the private sector", Mr Sarcinelli said. "Local private companies will be gradually more involved in road maintenance works and equipment rental. Better roads will facilitate tourism, transport and distribution of goods, thereby helping the development of the nascent private sector. This is further proof of the Bank's support for Romania's privatisation and economic reform programmes."
The project will finance about 1,100 km of pavement rehabilitation, including heavily trafficked European routes throughout Romania. In particular, important sections of roads from Bucharest to the Hungarian border will be financed, to improve road shoulders, drainage, sign posts and bridge maintenance.
The project will foster integration of the Romanian economy with Europe. Included in the project is a programme to improve traffic flows at six border crossing points.
The total cost of the project is US$ 395 million. It will be financed by the European Bank, the World Bank, the European Investment Bank and the Romanian Government.
|
