Chisinau municipality borrows 162 million lei for road repairs

The Chisinau City Hall today signed a 162-million-lei loan agreement with the U.S.-based Turbine Real Estate Holdings LLC for road repairs to be done in the next two years, Info-Prim Neo report. The municipality intends to use this money to repair the following streets: Stefan cel Mare Blvd, Grigore Vieru Blvd, Vadul lui Voda Str, Muncesti Str (the segment between Decebal Blvd and Gradina Botanica Str), Ismail (junction of the streets Varnita and Calea Mosilor), Dacia Blvd (the segment between the streets Valea Crucii and Aeroport), Burebista Blvd (Muncesti Str to Sarmizegetusa Str), Tudor Strisca Str (the segment between the streets Ungureanu and Independentei) and Vasile Lupu Str (the segment between E. Coca Str and 87 Vasile Lupu Str). The loan will be provided in installments depending on the progress of the work, at an annual interest rate of 4.2%. The loan must be repaid in 12 months from the date of disbursement. The terms of the loan agreement received the formal endorsement of the Chisinau City Council in October. The contractor was selected following a public tender competition, which was also used to select the lender. The City Hall earlier signed a similar agreement with the International Finance Corporation to repair three streets. Additionally, next year the municipality plans to fully renovate Columna Str using budget funds. Other streets could be repaired as well, depending on the amount reserved in the 2011 budget for this purpose.