The European Bank for Reconstruction and Development (EBRD) will lend €20.3mln to Timisoara, a city in western Romania, to co-finance alongside the European Union (EU) key infrastructure projects for the period 2020-2023, according to a press release.
“The proceeds of the Bank’s loan will be used to co-finance developing Timisoara’s tram infrastructure, alongside a €53.6mln grant from the EU,” said EBRD.
“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,” added EBRD.
The project will serve as Timisoara’s “trigger” investment, making it the 53rd member of the flagship EBRD Green Cities urban sustainability programme.
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.