EIB lends EUR 500mn for Bucharest metro line, environment project in Romania.

By bne IntelliNews December 19, 2011
The European Investment Bank said it is providing two loans in Romania of combined EUR 500mn for a Bucharest metro line development and for an environment project at a thermal power plant. The lending for the two investments is at an interest rate of below 4%. Under the first loan, the EIB is extending EUR 465mn to finance an 8-km extension of metro line 5 in Bucharest (Universitate-Pantelimon) that will include 12 stations, the EIB said in a statement. "The new Section II, which is expected to be in operation after March 2019, will increase the annual number of metro passengers by 34 million to almost 260 million," the statement said. Under the second loan, Romania will receive EUR 33mn to finance environmental improvements at state-controlled company Termoelectrica's Paroseni coal-fired power plant. The plant will deploy a gas desulphurisation facility and a system for the collection, transport and storage of ash and slag. The first loan will be paid back within 25 years and has a seven-year grace period, while the second loan will be paid back in 15 years with a four-year grace period.
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