The European Commission (EC) has decided to increase funding for two highways built in Romania by more than EUR 260 million, from its cohesion funds.

The European Commission has already paid EUR 177 million for the two highway stretches, while the rest of the investment was covered by the Romanian state via bank loans from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (ERBD).

The new funding increases the European Commission’s contribution to these highways to EUR 439 million and will help the state repay its loans.

One of the highways in question is connecting the Western cities of Arad and Timisoara, and was finished in 2011. The EC contributed EUR 287 million to this project. The other one is the ring road for the Black Sea port of Constanta, which was finalised in 2011. The EC financed this project with EUR 151.5 million.

The contracts for the new funds were signed by Romanian Corina Cretu, who took as European Commissioner for Regional Policies in the new European Commission led by Jean-Claude Juncker earlier this year.

“Road infrastructure is one of the main elements through which we can reduce differences in development among EU’s regions, and Romania will always have a partner in me for large infrastructure projects,” Corina Cretu said in a press statement.

The cohesion fund of the European Union is destined to the member states whose national gross income per capita is lower than 90% of the EU average. It aims to reduce economic and social disparities among member states.

editor@romania-insider.com