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EBRD Signs EUR20.3M Financing Agreements With Romania’s Arad, Brasov Mayoralties

The European Bank for Reconstruction and Development (EBRD) concluded Saturday, in London, financing agreements worth a total EUR20.3 million with Arad and Brasov mayoralties, in western and central Romania, meant to refurbish local infrastructure.
EBRD Signs EUR20.3M Financing Agreements With Romania's Arad, Brasov Mayoralties
16 mai 2009, 17:51, English

EBRD said in a press release it invested an additional EUR13 million, which will allow Arad mayoralty to carry out a program meant to refurbish the city’s streets and tramway lines.

The bank previously granted a syndicated loan worth EUR20 million, back in 2005, meant to finance refurbishment of streets and tramways in Arad.

Brasov mayoralty will also use the EBRD loan, which extends a EUR15 million syndicated loan granted in 2005, to refurbish the city’s streets.
 
The street refurbishment program targets 23 streets in Brasov and the loan granted in 2005 was used to refurbish 13 of the total 23 streets. Brasov mayoralty refurbished an additional five streets from the city’s own funds.
 
EBRD said Friday in its annual report that it committed EUR318 million for investments in Romania in 2008, compared with EUR336 million in 2007.
 
The financing commitments in Romania since 1991 totaled EUR3.784 billion by the end of 2008, EBRD also said.
 
EBRD is an international financial institution that was established in 1991 to support projects in the former communist countries from central Europe to central Asia, investing mainly in private enterprises, usually together with commercial partners.