The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) announced their readiness to support two investment projects for developing Moldova’s railroads so as to increase the running speed on the country’s territory and create better conditions for passengers, IPN reports.

The projects were discussed in a meeting of Minister of Transport and Road Infrastructure Vasile Botnari and Senior Banker at the EBRD Office in Moldova Octavian Costas and EIB Senior Investments Coordinator Boris Stein von Kamienski, the Ministry of Transport said in a communiqué.

The discussions centered on the EBRD’s willingness to co-finance a project to modernize trains and engines to the value of €25 million. Another project to rehabilitate the railroad infrastructure to the same value will be developed with the EIB’s support.

The state-run Moldova’s Railways is undergoing reorganization. Measures are simultaneously taken to modernize the company.