Parliament Friday ratified two financing agreements, one with the European Investment Bank (EIB) and another one with the European Bank for Reconstruction and Development (EBRD). Each of the banks provides by €150 million for the rehabilitation of Moldovan roads, IPN reports.

Deputy Minister of Finance Maria Caraus said the money will be used to continue implementing the Government’s program in the road sector.

The loan provided by the EIB will be used to build and rehabilitate 121 km of roads. It is repayable in 18 years, with a grace period of five years. The interest rate will be set separately for every tranche disbursed. The general commission is €50,000. The project will be completed at the end of 2018.

The money from the EBRD will go to construct and repair 201 km of roads. The loan is repayable in 15 years, with a grace period of three years, while the interest is 1% for six months. The commitment fee is 0.5% annually, while the general commission is 1% of the loan. The project will be implemented until July 31, 2017.

Within the same program, Moldova will receive a grant of €400,000 from the European Union’s Neighborhood Investment Facility.

The roads that will be rehabilitated are: Chisinau-Giurgiulesti; Balti-Falesti-Sculeni; Chisinau-Leuseni-Romania; Balti-Sarateni; Hancesti-Leova-Cahul-Slobozia Mare; Ialoveni; Soroca-Arionesti-Podolski, Hancesti-Lapusna; Chisinau-Dubasari-Poltava.