Works on Bucharest's historic center, also known as the Lipscani area, should be ready by October 15, with only a couple of streets and the St. Anton square remaining to be finalized, according to Bucharest mayor Sorin Oprescu. Some EUR 5 million were spent on revamping the historic center this year, according to previous data. Last year, the municipality spent EUR 1.5 million on renovating some areas of the Old Town, with the streets Lipscani, Zarafi and Smardan ready until the end of 2010.

The historic center revamping works started in 2003, when the Bucharest municipality signed the agreement with the European Bank for Reconstruction and Development (EBRD) for a loan that would cover the three-phased rehabilitation program.

Initially started by Spanish construction company Sedesa Obras y Servicios in 2006, the project continued with a group of Romanian construction companies, led by Apolodor, after the contract with the Spanish company was canceled due to disagreements with the city hall.

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