March 17 (SeeNews) - Romanian railways operator CFR said on Friday that it plans to invest 4.5 billion lei ($971.5 million/914.2 million euro) in a project for modernisation of rail infrastructure in the Black Sea port of Constanta.
The company has submitted to Romania's electronic system for public procurement, SEAP, the documentation needed for the first stage of the project worth an estimated 402.3 million lei, CFR said in a press release.
Funds for the project will be provided from the EU's cohesion fund Connecting Europe Facility (CEF) and Romania's budget.
The CEF is an European support measure designated to help EU member states develop their transportation, telecommunications, and energy sectors. Under CEF, the EU can co-finance up to 85% of a project's value.
The total length of the rail infrastructure in the port of Constanta is 257 km. The port is an important distribution centre for Central and Eastern Europe.