December 21 (SeeNews) - The European Investment Bank (EIB) is lending 21 million euro ($24.9 million) to Romania's northwestern city of Oradea to finance improvements to its urban infrastructure.
EIB funds will also support investments targeting climate action objectives, such as energy efficiency, renewable energy and sustainable transport, the international lender said in a press release on Wednesday.
The EIB will complement EU grants made available to support the implementation of the 2017-2022 General Urban Mobility Plan of the City of Oradea, its Sustainable Energy Action Plan and its Integrated Urban Development Strategy. Together, these investments will improve living conditions in Oradea and address the economic, environmental, climate, demographic and social challenges faced by the city, the EIB said.
"The upgrade of the urban infrastructure of Oradea, being an important regional economic hub, will have significant socio-economic benefits for the residents and businesses of the city and surrounding areas. It will help to increase the quality of life and raise the attractiveness of the city, stimulating further investments and Oradea’s economic development," EIB’s head of division for operations in Romania, Bulgaria and Turkey, Dietmar Dumlich, said.
So far, the EIB has provided two loans to Oradea amounting in total to 40 million euro for projects supporting the city’s transport infrastructure and urban development.
($=0.8423 euro)