Railway Insider - RATP Iaşi invests in the modernisation of another 16 km of tram track

RATP Iaşi invests in the modernisation of another 16 km of tram track

06-30-2009 16:16

RATP Iaşi (Iaşi Public Transport Operator) is going to invest EUR 2.6 Million in the modernisation of the tram track on the Voina – Cuza Vodă – Târgu Cucu line. Another 16 km of track will be rehabilitated.
The project for tram track rehabilitation in Iaşi is financed by the European Bank for Reconstruction and Development (EBRD) through a loan for which a grace period has been established.
"The EBRD financing for this project began last year. The project stipulates the rehabilitation of 16 km of tram track. This is the last batch, with a value of EUR 5-6 Million. However, in order to execute the works, the local budget is going to allocate EUR 4 Million. The tender was won by Martin Rose, the company that executed the other works as well. Martin Rose submitted an offer of EUR 19 Million. Hence, we require budget financing as well", stated RATP spokesman Mihai Adrian for Railway Insider.
The allocation of the funds from EBRD implied several clauses in the contract, such as the transformation of the company into a commercial society. However, seeing as RATP has debts to the Territorial General Directorate of Public Finance (DGFPJ), the company cannot be turned into a commercial society.
"EBRD approved this financing from the very beginning, but we were required to turn our company into a commercial society. Because of several problems, this wasn't possible, because we risk insolvency. EBRD representatives understood this situation and granted us the last batch of the loan. The project is scheduled to be finalized on September 15, 2009. All the works will be finalized in November 2009", added Mihai Adrian.

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