The European Investment Bank (EIB) and the Ministry of Finance of Moldova represented by Senior Loan Officer Stella Renita and minister Dumitru Budianschi signed today an agreement for a €100 million increase to the original €150 million loan for the rehabilitation and upgrading of key national road sections.
The new operation will finance the improvements to national road Hincesti – Leova – Cahul – Giurgiulesti, leading to Moldova’s only international port of Giurgiulesti on the Danube river. The other segment is the construction of a bypass allowing to detour the town of Cimislia.
The EIB loan supports the goals of the EU Economic and Investment Plan for Moldova in the transport sector by spurring regional and national economic growth, facilitating trade, and supporting private sector development for 2013-2022.
Minister of Finance of Moldova Dumitru Budianschi said: “By signing this loan with the EIB, we show our commitment to the rehabilitation and upgrading of key national road sections which is becoming increasingly important for the economic development of the country and the wider region. Moldova's roads are of great importance for ensuring transportation and uninterrupted trade flows from Moldova and Ukraine to Romania, to the Danube River through the port of Moldova’s Giurgiulesti, and to other EU countries. A well-functioning transport system is critical for economic growth. Upgrading Moldova’s road infrastructure and promoting regional economic links on the one hand and improving road safety and saving lives on the other is a winning combination. The government appreciates continued cooperation with the EIB and this timely investment.”
Alberto Carlei, Head of EIB Representation for Moldova said: “The road segments targeted by this operation will be rehabilitated according to best European practices in terms of safety and quality. Therefore, the project is expected to improve connectivity in Moldova and strengthen its competitiveness. A modern road transport network is an essential precondition for faster economic development; especially considering that trade via the Solidarity Lanes will further increase as both Moldova and Ukraine integrate deeper into the EU’s Single Market”.
