The European Bank for Reconstruction and Development (EBRD) granted a loan of EUR 15 million to the Iasi City Hall, EBRD announced on December 5.

The municipality will use the money to buy 50 buses with low emissions of carbon dioxide.

“The economy and population of Iasi have increased significantly in the last decade and the upgrading of public transport will stimulate this growth and will help the city develop into a major industrial, touristic, and cultural center,” said Matteo Patrone, EBRD regional director for Romania and Bulgaria.

The financial package approved by EBRD also provides a grant of EUR 250,000 to the municipality of Iasi. The money will be used to establish a transport authority, which will operate on commercial principles to improve the quality of services.

EBRD is one of the largest institutional investors in Romania. The bank has so far invested over EUR 7.3 billion in Romania and mobilized over EUR 14 billion from other financing sources.

editor@romania-insider.com