Romania To Borrow EUR60M From IBRD To Improve Legal Services

Romania will contract a loan of EUR60 million from the International Bank for Reconstruction and Development (IBRD) to finance a project aimed at enhancing legal services, according to a bill ratifying the agreement, which was adopted by the government on Wednesday.

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Imaginea articolului Romania To Borrow EUR60M From IBRD To Improve Legal Services

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The overall estimated cost of the project reaches EUR65 million, of which EUR60 million will be covered by the IBRD loan and EUR5 million represents the contribution of the Romanian party, through the Justice Ministry’s budget, the government said in a statement.

The loan will uphold the measures regarding the modernization of court buildings and legal computer systems, included in the action plan for the implementation of the strategy aimed at developing the judicial system 2016-2020.

The project will be implemented by the Justice Ministry through the project management unit (named the Office for the Implementation of Finance Projects from External Loans, which already exists within the institution).

The EUR60 million loan will be granted by the IBRD for a ten-year period, of which a six-year grace period, under advantageous financial conditions for the Romanian state.

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