Timisoara becomes 53rd member of EBRD Green Cities urban sustainability programme European Union will provide €53.6 million grant for €87.2 million infrastructure programme The European Bank for Reconstruction and Development (EBRD) will lend €20.3 million (or RON 100 million) to the Romanian city of Timisoara to co-finance, alongside the European Union (EU), key infrastructure projects for the period 2020-2023, the Bank informs. These include the renewal of its tram fleet and the rehabilitation of its T5 tram line, as well as two consultancies to support the City’s public transport reforms. The project will serve as Timisoara’s “trigger” investment, making it the 53rd member of the flagship EBRD Green Cities urban sustainability programme. The €5 billion EBRD Green Cities programme was set up in 2016. Under the programme, cities develop a Green City Action Plan (GCAP) to identify, prioritise and develop tailor-made solutions to their environmental and urban challenges. The GCAP will build on Timisoara’s pre-existing key objective to improve its public transport infrastructure and services, which is a pre-requisite for business and economic development in the region. This is in line with the EU’s Regional Operational Programme for Romania, targeting green and mobility investments. The proceeds of the Bank’s loan will be used to co-finance developing Timisoara’s tram infrastructure, alongside a €53.6 million grant from the EU. The total cost of the development will be €87.2, including national and local contributions and technical cooperation funds. The EBRD loan covers the financing gap for Timisoara’s priority infrastructure programme and will help the city introduce long-term sustainable urban planning, with a focus on green, resilience and mobility. Electric transport systems will not only increase mobility in the region but also improve life and environmental standards by promoting energy efficiency, reducing CO2 emissions and improving public transport quality. The project will save an estimated 22.2 per cent of current emissions, or up to 683 tonnes of carbon dioxide equivalent, per year. Given Timisoara’s commitment to improving transport, the loan will also finance critical consultancies to update the City’s Sustainable Urban Mobility Plan and to support it in reorganising public transport. The EBRD is a long-term investor in Romania, where to date it has invested nearly €9.4 billion in 481 projects.
• Total leasing activity in Bucharest is 71% higher at the end of the first quarter compared to the same period last year. Bucharest, 8 April 2024 - The office market remains fluid and flexible. Two distinct trends have emerged in 2023: securing entry into prime new locations and optimising the portfolio through best value […]
The House of Lazăr Năftănăilă, a Roma household brought from the village of Calbor, in Braşov county, has officially opened at the Dimitrie Gusti Village Museum in Bucharest. The house opened alongside a barn brought from Vişeul de Mijloc, in Maramureş county, which hosts an exhibition and VR venue showcasing elements of the history and […]
The current European Commission president is running for a second term at the helm of the Union’s executive, but EU diplomats and politicians have been speculating on who could replace her. Politico Europe gathered the names being thrown around in Brussels and ranked their chances. Romanian president Klaus Iohannis is ranked as having the biggest chance to […]
Real developer STC Partners began the development of phase II of the residential compound Quartier Azuga, located near the Tei area in Bucharest, with an investment value of over EUR 15 million. This stage is to be completed by the end of 2025. Construction works at phase I are currently underway, the company said. The […]
This article series tells the stories of the 15 finalists selected in the Made in Romania 2023 program. Made in Romania is the flagship program of the Bucharest Stock Exchange dedicated to the development and promotion of the Romanian entrepreneurial environment. The program’s goal is to select and promote Romanian companies that have the greatest […]
Local construction company Concelex, as the general contractor, said that it completed the project to expand and modernize the Danube Delta airport in Tulcea, southeastern Romania, which thus became an international airport at Schengen standards. The total value of the project was RON 180 million (some EUR 36 million), covered by European funds. The association […]
