BUCHAREST (Romania), November 12 (SeeNews) – Romania said on Thursday it has signed an agreement to borrow 395 million euro ($590 million) from the European Investment Bank (EIB) to finance the construction of a subway line and the purchase of 37 new subway trains.
The new subway line will link the centre of the capital Bucharest with the city's western neighbourhood of Drumul Taberei. The total value of the project, which should be completed by end-2015, is estimated at 883 million euro, Romania’s Finance Ministry said in a statement.
This is the fourth stage of a larger project for the upgrade and extension of the Bucharest subway network.
Romania must use the EIB funds by end-2014. The loan matures in 25 years.
Since 1990, the EIB has signed loan contracts in Romania amounting to some 7.0 billion euro.
($ = 0.6692 euro)