Bucharest metro is to benefit from a EUR 60 m loan from the European Investment Bank signed today in Athens. The loan will support the capital's ongoing extension and modernization of the metro contributing to the improvement of safety and operational efficiency.
Part of the loan will be used to finance track extension linking the East/West axis of the city, whereas another portion of the loan is committed to the acquisition of 6 new metro trains and the modernization of the electrical installation. The project complements two previous loans provided to Metrorex in 1996 and 2000, worth EUR 215 m.
Metrorex, the final loan beneficiary, is a state-owned company established in 1977, responsible for underground passenger transport in the city's metropolitan area and setting the benchmark for assured quality and genuine service to the public.
At the signing, EIB President Philippe Maystadt said that the Bank will continue to play a key role in the financing of the country's transport sector. Priority will be given to the much needed support of urban transport which will ultimately benefit residents, tourism and businesses.
Mr. Vladescu, Ministry of Public Finances welcomed the new operation with the EIB in the development of Romania's infrastructure and underlined the importance of these new investments in the Bucharest Metro system.
Mr. Liviu Soava, Metrorex's General Director Director, said the EIB's third investment in Bucharest metro comes at a very opportune time. With passenger levels averaging around 130.000 people a day, it is important to cater for their services in the best way possible, and the Bank's loan is helping to do that.
The EIB is one of the largest investors in Romania, having committed, since 1991, more than EUR 4.3 bn in around 47 projects, of which some EUR 2.6 bn have been directed to the transport sector. The large variety of projects include motorways, the financing of air traffic control system, port modernization, road building and improvement, acquisition of rolling stock for Bucharest metro, construction and upgrading of various railway links and modernization of the capital's tram network in addition to other investments in energy, telecom, health and education and SME's.