Ministry of Culture has over 150m euros in construction investments under way
Autor:
Catalin Lupoaie
08.03.2010
The Romanian Ministry of Culture has become one of the most
active investors on the construction market, after it awarded or is
in the process of awarding contracts worth over 150 million euros
through tenders, for the rehabilitation of buildings of cultural
interest, such as the National Library and the Bucharest National
Theatre, projects funded with money from the Council of Europe
Development Bank (CEB).
The Ministry has already spent 100 million euros of a loan taken out in 2006 from the CEB, which matured in 2009, but was extended until 2011, with the value of the financing rising from 116 million euros to 300 million euros. Considering the Ministry of Regional Development and Tourism and the Ministry of Transport are yet to start tenders for major investment projects, builders have to make do with smaller projects, such as rehabilitation of heritage buildings. In fact, the tenders organised by the Ministry of Culture attracted the interest of some of the largest construction companies. The projects will create hundreds of jobs and will generate demand for products from suppliers of finishing materials.