Basescu enacted law on the loan for the metro line modernization

President Traian Basescu enacted the Law on the €395 million finance contract with the European Investment Bank to support the modernization of Bucharest metro line, Drumul Taberei – Universitate section.

The Senate has passed the Law on June 16 with 65 votes to 12.

The project envisages the construction of a 9km metro section linking Drumul Taberei to Universitate and to Pantelimon, with a total budget of €883 million, the state contributing with €488 million.

The loan from the European Investment Bank will be disbursed in eight tranches until December 31, 2014, and will finance the acquisition of 21 new subway trains and the replacement of 16 obsolete trains running on the existing network.

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