The National Company of Highways and National Roads in Romania (CNADNR) on Thursday contracted the third tranche, worth 2,800bn ROL (68 million euro equivalent) plus 17.5 million euros, of a syndicated loan brokered by ING Bank. The syndicate comprises, besides ING Bank, Banca Comerciala Romana, BRD-Groupe Societe Generale, HVB Bank, Banc Post, National Bank of Greece, Alpha Bank and UniCredit. The above-mentioned amount adds up to the initial loan granted by five banks at the end of last year. The loan has reached 6,400bn ROL and 17.5 million euros in the meantime, which equals 173.6 million euros. The loan will be used for upgrading and developing the road infrastructure, in line with the rehabilitation plans for the national roads and the highway building programme. This type of funding for major public projects is widely used abroad, yet in Romania's case, this is the first syndicated credit granted by banks for a State project. ZF
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