The Otopeni Airport upgrade will be financed via a 100million-euro "private" loan taken out by the national company thatmanages it, although theoretically the state borrowed 20 billioneuros from the IMF and the European Commission precisely forinvestment purposes.
Officials of the Government and of the Transport Ministry didnot answer questions on the issue by edition close.
"With us there are a lot of priority investments, which exceed theallocated funds by far, including this year. There was probably atrade-off between the urgency of the project and the availablefunds," commented Laurian Lungu, partner of Macroanaliticaconsultancy.
Last year capital goods expenditures fell by nearly 12% against2009, which shows that the government preferred to put off certaininvestment projects in order to meet the deficit target, amidincreased social assistance and interest rate spending.
Compania Naţională "Aeroporturi Bucureşti" ("Bucharest Airports"National Company) borrowed 50 million euros from each of BRD andBCR, the two biggest banks on the Romanian market by assets inorder to cover investments in modernising Otopeni Airport,necessary as part of the effort to join the Schengen area.
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