December 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is lending 18 million euro ($19 million) to Romania's southern county of Dambovita county to extend, rehabilitate and modernise its water and wastewater infrastructure.
The improvements will benefit more than half a million residents, bringing significantly reduced water losses, and raising connection rates to water networks from 78.9% now to 94.4% by 2026, and to wastewater networks from 48.1% to 65.2% by 2026, the EBRD said in a press release.
The project will also bring improved corporate asset management planning and more transparent and predictable tariff methodology, the bank added.
The beneficiary, Compania de Apa Targoviste-Dambovita, has been an EBRD client since 1997, and is working to achieve compliance with EU directives on drinking water quality and wastewater collection and treatment.
The 15-year EBRD loan, which will co-finance the company’s investment programme, falls under the EBRD's 250 million euro Sustainable Water Infrastructure Facility to support Transition, also known as the SWIFT framework.
This assistance is financed from EU funds available to Romania, as part of a new Memorandum of Understanding on EU funds absorption 2021-2027.
The EBRD has so far has invested more than 10 billion euro in Romania, in over 500 projects.
($= 0.94 euro)