The implementation period of the “Moldova Roads III” EIB-financed project will be extended until December 29, 2028
This is provided for by the corresponding amendment N1 to the financing contract between Moldova and the European Investment Bank for the continuation of the project, which was signed on July 4 in Chisinau and has now been approved by the government for ratification. As previously noted by Minister of Infrastructure and Regional Development Vladimir Bolea, the extension of the implementation period for the “Moldova Roads III” project will allow for the completion of construction and reconstruction work on two important sections of national roads in the south of the country: the construction of a bypass road in Cimislia on the M3 highway and the restoration of the R34 Hincesti-Leova-Cahul road on the Cantemir-Cahul section. According to him, the extension of the contract is due to the fact that an analysis of the technical implementation projects revealed a significant increase in the cost of the work, caused by rising prices for construction materials and services against the backdrop of the economic consequences of the war in Ukraine. The technical designs, including the updated overall estimate, were duly finalized and submitted to the European Investment Bank for technical and economic approval, which required additional time and affected the extension of the documentation preparation period, as well as the start of the tender procedures. The agreement does not provide for any change in the loan amount or project objectives, but is purely administrative and operational in nature, ensuring the continuity of financing for the planned activities (reconstruction, construction, and supervision). Earlier, it was reported that on June 25, 2013, our country signed a financing contract with the European Investment Bank, which provided for a loan of €150 million for the “Moldova Roads III” project. On December 15, 2022, the parties signed a contract for an additional loan of €100 million for road repairs under the “Moldova Roads III” project to complete it. The need for a new EIB loan of €100 million arose due to rising prices for construction materials caused by the regional crisis. The road sections being repaired in Moldova are of great importance for ensuring transport and commercial flows from Moldova and Ukraine to Romania, to the Danube via the port of Giurgiulesti, and to other EU countries. // 09.07.2025 - InfoMarket
