AND takes $100m loan

The National Road Administration (AND) has contracted a 3,600bn ROL (more than $100 million) syndicated loan from five Romanian banks. The loan is repayable in three years and comes with a two-year grace period. The money will be mainly used to rehabilitate the belt road surrounding Bucharest. The loan was brokered by ING Bank Romania, and the banks that participated in it are Banca Comerciala Romana (Romanian Commercial Bank – BCR), BRD-Groupe Societe Generale, Alpha Bank, Banc Post and UniCredit Romania. BCR made the largest contribution, followed by BRD. “This is yet another proof that the banking market is the most developed and most functional of the entire Romanian economy. You may convey the message that banks are working by the market principles and at actual prices,” Misu Negritoiu, ING Bank Romania deputy general manager said during the signing of the loan agreement. BCR’s chairman Nicolae Danila in his turn said this arrangement, which is the highest ROL-denominated syndicated loan not secured by the State, was an example that local co-operation for major projects could be achieved. ZF