Romania Awards 38.7 Mln Euro Contract for Road Repairs to Vega '93/Arcada Co JV

The value of the deal does not include the value-added tax (VAT) of 19%, the country's Transport Ministry said in a statement. Under the contract, the joint venture will repair sections of two national roads and upgrade or reconstruct 32 bridges demolished by floods in 2005.

The contract is jointly financed by the European Union and Romania, which joined the bloc last year.

The joint venture has 24 months to complete the works.

Romania was hit by several waves of floods between April and August 2005, which caused damage exceeding an estimated 1.5 billion euro and killed some 70 people.

($ = 0.7403 euro)