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Nov 18, 2022 15:27 EEST
November 18 (SeeNews) - The Romanian government has increased Bucharest municipality's debt ceiling by 500 million lei ($104.9 million/101.4 million euro), mayor Nicusor Dan said.
The measure was taken so that Termoenergetica, the company managing Bucharest's heating network, could pay its debt towards the state-owned energy producer Elcen, Bucharest mayor Nicusor Dan said in a televised statement on Thursday.
Following the debt repayment, Elcen and Termoenergetica will be able to access European funds for investments.
"The government's response was ultimately positive. Only it lasted a year. The administrative answer came today in the government meeting, when the government approved the increase of the debt ceiling by 500 million lei," Bucharest mayor said during a talk-show broadcast by TVR Info.
"Now we have a short term until the end of the year to borrow this money, in order to financially stabilize the whole system," Dan added.
Termoenergetica is a utility company established in 2019. The main shareholder is the Bucharest municipality. The company manages over 3,900 km of Bucharest's heating network pipelines, according to its website.
Elcen produces 40% of Romania's thermal energy, according to its website. The company was established in 2002 and is owned in a proportion of 97.51% by the Romanian state through the energy ministry.
Earlier this month, Bucharest's city government announced the signing of five contracts with a total value of 260 million euro ($269.8 million) for the rehabilitation of the capital's heating network.
In April, the European Bank for Reconstruction and Development (EBRD) said it had invested 27.33 million lei in a 555 million lei municipal bond issuance by the Bucharest city government.
(1 euro=4.9418 lei)
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