Romania’s Transylvania Hwy Project Out Of Money, Works Might Cease

The Romanian National Company for Highways and National Roads (CNADNR) has already used up the 2008 budget for the Transylvania highway, connecting central Brasov to northwestern Bors, and works might cease in these conditions, said the general director of the company, Mihai Grecu.

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"We have spent our budget for 2008 and we do not have any more money to make any payments for the Transylvania highway. In other words, the company does not have any more money to finance works," said Grecu in a press conference.

CNADNR asked the Government for a certain budget for this project, but the Ministry of Economy and Finance did not grant all of the funds, said Grecu, without mentioning the sum.

Grecu said that the only payment performed by CNANDR towards constructor Bechtel was EUR140 million, representing a 30% downpayment of the total value of works planned for this year.

According to Grecu, a solution would be the financing of works through the reallocation of funding from other projects, which will begin in the second half of the year, while another solution would be for CNADNR to obtain money through budget correction.

Even though CNADNR can no longer finance the works, the general director of the company feels that the Transylvania highway will be completed before the deadline, namely in 2012.

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