CFR signs financing contracts of 700 million Euro with EC

2016-02-07 16:52:38 - From the Print Edition

The National Railway Company (CFR) signed a financing contract with the European Commission (INEA- Innovation and Networks Executive Agency) for four railway projects of 686 million Euro as part of the Connecting Europe Facility (CEF) Programme, CFR informs in a press release. National co-financing of 15 per cent will be made from the state budget. The most important project, approved and financed 85 per cent by the European Commission, is modernizing the railway connection between Brasov and Sighisoara, Brasov-Apata section and Cata-Sighisoara, worth 677,739,059 Euro. The main target of the project is to promote sustainable mobility along the Rhine-Danube Corridor, by increasing train speed, reducing travel time for passenger and goods trains, increasing traffic safety by introducing modern traffic management and signalling systems and last but not least, environment protection according to new EU interoperability standards and regulations. Another project with an eligible budget of 1,073,945 Euro concerns improving institutional capacity and project implementation within CFR, in order to ensure higher quality, efficiency and transparency in managing EU funds to prepare timely implementation of railway infrastructure in Romania, related to the TEN-T network eligible for financing through financial instruments offered by EC to member states over 2014- 2020.