OREANDA-NEWS. January 26, 2012. City Hall of Chisinau has approved the agreement with EBRD providing co-financing of the project on modernization of high streets of Chisinau appraised at 22 mln. EUR. The agreement signed in Chisinau by Tomas Mirrow, President of EBRD and Dorin Chirtoaca, Mayor of Chisinau, provides the allocation of a credit at a sum of 11,7 mln. EUR.

The package of financing include a loan at a sum of 10,3 mln. EUR from funds of EBRD and a credit at a sum of 1,4 mln. EUR from the special fund “Green Energy” administrated by EBRD. The money is allotted for 10 years at 5% annually with 5 years of payments moratorium. It is also stipulated that another credit at 10,3 mln. EUR for the same project on the same conditions is to be allocated by the European Investment Bank.

Thus, EBRD and EIB are assigning to City Hall of Chisinau 22 mln. EUR to reconstruct and modernize high streets of the capital of Moldova. This will be the largest in the history of Moldova’s capital project on the infrastructure development, Dorin Chirtoaca has voiced. Within the next two years the following streets in the capital are to be fully repaired: Stefancel Mare, Tighina, Negruzzi, V. Alexandri, the 31st of August and Alexandru cel Bun.

The project provides not only major repairs of the streets, modernization of roads and pavements, but construction of new pedestrian areas, underground passages, new parking lots, reconstruction of the lighting system, substitution of old bulbs with modern energy-efficient lights.

The works are to start in the summer of 2012. Since the beginning if its work in Moldova, EBRD has invested into various branches of the county’s economy over 600 mln. EUR and attracted additional investments at a sum over 430 mln. EUR.