EIB May Partly Assume Bucharest-Ploiesti Highway Financing - Romanian Pres

Romanian President Traian Basescu said Thurday, after meeting the management of European Investment Bank, that EIB might partly take over the financing of the highway linking the capital city Bucharest to the southern city of Ploiesti and of their beltways.

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The project financing would also need the European Commission approval.

"We resumed the issue of continuing the project started by the Government of Romania ... There are actually three projects: the highway Bucharest - Ploiesti, Ploiesti beltway and Bucharest beltway. These three projects were developed complying with the European legislation, even if they were to be financed from the state budget," Basescu said.

He asked EIB to analyze whether it could take over a part of the financing for these projects, given they were subject to EU procedures.

"Today, the answer was «yes». It is further needed a Commission’s point of view, which should give its approval, meaning the budget effort would be lower in the second part of the year, upon EIB financing; the money could be directed to other investment projects with state budget financing," Basescu said.

Basescu said he would talk with the EC about the project Thursday evening.

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