The EIB will provide Moldova with an additional loan of 100 million euros for road repairs under the "Roads of Moldova III" project.
In particular, this is provided for by the relevant financing contract between Moldova and the European Investment Bank (EIB) for the completion and further implementation of the project, ratified by the Moldovan parliament on December 29. The document itself was signed by the parties on December 15, 2022. The need for a new EIB loan of 100 million euros arose due to rising prices of building materials because of the regional crisis. According to the Ministry of Infrastructure and Regional Development, the additional 100 million euros credit to be allocated by the EIB will be used both to complete the works started within the project and to repair and build new sections of national roads: rehabilitation of the road R34 Hincesti-Leova - Cahul - Giurgiulesti, section III, Cantemir - Cahul (km 82 - km 125); M3 Chisinau - Comrat - Giurgiulesti - border with Romania, construction of the missing section of the bypass in Cimislia town (km 0 - km 7). A feasibility study and project documentation have been worked out for the above-mentioned road segments, so the procurement procedures will be launched as soon as the financing is approved. Minister of Finance Dumitru Budianschi noted earlier that the mentioned road sections of Moldova are very important for ensuring transport and commercial flows from Moldova and Ukraine to Romania, to the Danube via Giurgiulesti port and to other EU countries. A well-functioning transport system is necessary for economic growth, and modernization of road infrastructure, development of regional economic relations and improvement of road safety are priorities in this process. The European Investment Bank says the 100 million euros increase in the previous loan amount of 150 million euros for the Roads of Moldova III project is meant for restoring and upgrading key sections of national roads that belong to the Trans-European Transport Network (TEN-T) and solidarity lanes through Moldova, which contribute to better integration with the European Union. Thanks to this increase in the loan, the EIB plans to finance the rehabilitation of 42 km of national roads and construction of about 7 km of national roads in Moldova. As InfoMarket Agency earlier reported, the EIB is expected to provide an additional loan of 100 million euros under Roads of Moldova III project, in no more than 20 tranches, each of them amounting to at least 4 million euros. The minimum term of repayment of each tranche will be 4 years, and the maximum - 18 years from the scheduled date of tranche disbursement. Our country signed a financing contract with the European Investment Bank on June 25, 2013, which envisaged a 150 million euros loan for the implementation of the Roads of Moldova III project. The EIB will continue to contribute to the creation of an economically strong, energy independent and green Moldova. So far, the EIB has done so by investing 280 million euros and mobilizing another 16 million euros in grants for public and private sector projects in 2022 alone. Next year, the EIB will prioritize investments in the energy and transport sectors, which will help Moldova achieve energy independence and further integration with the European Union. // 29.12.2022 – InfoMarket
