Transelectrica gets $82m from World Bank

Public Finance minister Mihai Tanasescu and World Bank’s director for Central and Southern Europe Andrew Vorkink signed an $82 million loan agreement to fund the project to establish the electricity market in Romania in Bucharest yesterday. The credit is taken by the national electricity carrier Transelectrica, with the funds provided by the International Bank for Reconstruction and Development (IBRD), member of the World Bank Group. The loan was approved by WB’s Board of Executive Directors in mid June. The repayment will be done in 17 years with a four-year grace period. The project is aimed at the development of a functional electrical power market, as well as at improving the efficiency and safety of the energy transport system. It is also intended to attract and support the participation of the private sector in the operations of the energy system. The investment component will ensure the retooling of two electrical power transport stations of Transelectrica – Iernut, near Targu Mures and Fundeni, Bucharest. ZF