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Wednesday, November 17, 2004
The World Bank has approved two loans totaling $275 million (euro 211 million) to help Romania modernize its transport system and agriculture industry, the bank said Wednesday.
The transportation project, worth $225 million (euro173 million), is aimed at speeding the transport of passengers and freight by building bypass roads in five large Romanian cities and an integrated computer system for railway traffic.
The agricultural project aims to help farmers modernize their production activities. Agriculture in Romania is rudimentary, with most farmers having small farms, not owning tractors, and unable to get bank loans.
The improvements will help bring Romania up to European Union standards, the bank said. Romania hopes to join the EU by 2007.
Since the fall of Communism in 1989, the World Bank has granted Romania loans totaling over $4.2 billion (euro3.23 million). The 2004-2005 lending program amounts to about $850 million (euro653 million).
Posted by Cristian C. Francu : 11/17/2004 08:07:00 pm
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