CEC and BCR battle to lend Cluj 600m RON

CEC and BCR are the two banks that submitted offers for the 600m RON (around 142m euros) loan the Cluj-Napoca city hall wants to contract for the first payments related to planned or underway investments.

According to city hall representatives, talks will be completed today, when information about the bank releasing the loan, about fees and loan duration will be disclosed.
“It’s a single loan, worth 600m RON, intended to help the city hall secure cash. We need money for the first payments related to the investments we are involved in, with the rest of money to come from European funds, in the case of projects supported from structural funds,” Oana Buzatu, the spokesperson of Cluj-Napoca city hall, told ZF Transilvania.
This is one of the biggest banking loans attracted by a municipality lately. BCR is clearly leading on the market of funding for city halls.