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Romanian Economy Overview
Investment Projects in Infrastructure
Romania General Overview
Inflation rate
Annual inflation rate
In Central and Eastern Europe
dec dec
%
%
annual average rate
annual rate
Mth. rate
Source: NBR
Source: NBR
Romania General Overview
RatingsStandard & Poor's Ratings Services Long-term foreign currency sovereign credit rating of Romania raised to 'BB+' from 'BB'The long and short-term local currency sovereign credit rating were raised to 'BBB-' and ‘A-3‘, from 'BB+' and 'B' The outlook is stable.Fitch Ratings Long-term foreign currency IDR: affirmed at 'BBB'; Outlook changed to Negative from StableLong-term local currency IDR: affirmed at 'BBB+'; Outlook changed to Negative from StableShort-term foreign currency IDR: affirmed at 'F3' Country Ceiling: affirmed at 'A-' (A minus) Moody’s Investor ServiceLong-term foreign currency: 'BAA3'; Long-term local currency: 'BA1';
Foreign Investments
In the last period, more and more companies are interested to invest in the Romanian market, at several economical sectors. The start was given in Bucharest, but this will continue with others big cities: Timisoara, Cluj, Iasi, Constanta, Brasov, Craiova, Oradea. To sustain such a development is needed a very good infrastructure. In 2007 were invested more than 10 billions euros.
GDP 2005 2006 2007 2008 2013
Bln Ron 288 342.4 390.8 442.8 711.2
Main Infrastructure ProjectsHighwaysTill 2013 will be finished more than 5 highways in all the country which will bind most important cities with the capitals of important UE countries.
Bucuresti – Pitesti – Sibiu – Deva – Timisoara – Nadlac
Bucuresti – Constanta
Bucuresti – Brasov – Targu-Mures – Cluj Napoca – Oradea – Bors
Bucuresti – Giurgiu
Bucuresti – Ploiesti – Focsani
RoadsWill be rehabilitated the most important County roads between the main cities with population over 200.000 habitants. In 2007 were rehabilitated DN1, DN5, DN6, etc. Around the most important cities was stated the contraction of circle roads.
Railways
BridgesIn 2007 were started the reconstruction projects for bridges over Danube (Calafat–Vidin) and Prut (Radauti Prut–Lipcani).
Airports in progress and planned
HIGHWAYS PLANNED
December 2007
HIGHWAYS PLANNED
December 2008
HIGHWAYS PLANNED
December 2013
Main Infrastructure Projects in Bucharest 2.756 km – water distribution network
2.541 km – sewerage network
2.947 km – gas distribution network
1357 km – heating network
18.565 km – electric network
13.796 km – telephony network
368 km – Public transportantion lines
1820 km – 5340 roads
Passages in construction Basarab Passage – over the railway, from Blvd. Titulescu to Grozavesti Bridge
Obor Passage – for tramway lines over the crossroads
Baneasa Under Passage – from Bd. Aerogarii to Blvd. Ion Ionescu de la Brad
Colentina Passage – at Doamna Ghica
Piata Sudului Passage
Razaoare Passage
13 Septembrie Passage
Main Infrastructure Projects in BucharestProjects started in 2007
Rehabilitation of more than 3% of the main streets
Modernization of tramway lines (ex. 32, 34, 35, 7, 12, 11, 44, etc.)
changing of the gas conducts medium and low pressure
Rehabilitation of water lines and sewerage
Rehabilitation of Water Cleaning station from Glina – total value 92.989 mil euros
- ISPA founds (59%) - 55.083.966 EURO- BERD loan (11%) - 10.000.000 EURO- BEI loan (27%) - 25.000.000 EURO- State budget (3%) - 2.905.000 EURO
Objectives:
Rehabilitation and supplementation of the existing water line
Rehabilitation and supplementation of the mud line in concordance with the necessity of the water line
The including of new hoarding tank for collecting the excess rain waters
The demolishment of deteriorated buildings
The installation of new line of water alimentation and sewerage for Glina, Catelu and Manolache villages
Baneasa Airport Renovation
Infrastructure Projects - Financing
Financing instruments – non reimbursable founds
- PHARE
- SAPARD
- ISPA
Private financing – from specialized banks for the Public Sector
- ex. part of Volksbank Group – Dexia Komunalkredit
Externalization of services – by concession to third part for a number of years (at least 5 or 10) – with the obligation to invest a certain amount
Infrastructure Projects
Financing founds from ISPA and SAPARD– more than 250 millions euros per year- rechnical Projects preparation of rehabilitation of Fundulea – Fetesti railway- rehabilitation of Baneasa – Fundulea railway- rehabilitation of Fundulea – Fetesti railway- the enlargement of DN5, Bucuresti – Giurgiu- construction of circle road – Adunati Copaceni- rehabilitation of Highway Bucuresti – Cernavoda- rehabilitation of DN6, Craiova – Drobeta Turnu Severin- construction of circle road to Sibiu, at highway standards - rehabilitation of DN6, Drobeta Turnu Severin – Lugoj- fezability study for circle road Lugoj and infrastructure of access bridge over Danube at Calafat - Vidin- technical assistance for rehalibitation of railway Ungaria - Simeria
Financing found from Phare – more than 60 millions euro- the construction of circle road – Tecuci - bridge reconstruction over Prut at Radauti Prut – Lipcani- ecological project for Danube and transport facilities- cross border point rehabilitation at Calarasi – Silistra for international traffic- rehabilitation DN6, Timisoara – Cenad- maritime infrastructure projects: acquisition of new navigation equipments and new system for traffic management on Danube, twinning- railway infrastructure projects: acquisition of new testing equipments and systems
Private Financing – References Infrastructure Projects
Austria’s No. 1 in public finance, Kommunalkredit Austria has been working in partnership with the public sector for many years.
The Kommunalkredit Group operates on an international scale. Its activities are focused primarily on Austria and Switzerland as well as the countries of Central, Eastern and South-Eastern Europe.
Traditionally, Kommunalkredit has always been a partner for Austrian local authorities and municipalities. The growing internationalization of its business, the enlargement of the European Union and the increasing demand for expertise in the development of public financing models have significantly changed and extended Kommunalkredit’s markets.
The product portfolio extends far beyond the “classic” offer of loans and leasing facilities. As a sought-after partner in financial budget optimization, Kommunalkredit provides a whole range of products, comprising receivables purchasing, loan portfolio analyses as well as structured products, all tailor-made to the requirements of the individual client.
The Kommunalkredit Group also cooperates successfully with the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).
Contact Dexia Kommunalkredit Romania
Roxana Lazar Chief Executive Officer Bucharest, 42 Calea Dorobantilor, 1st DistrictPhone: 0040 21 20 19 400Fax: 0040 21 20 19 405roxana.lazar@dexia-kom.ro
Private Financing – References Infrastructure Projects
Tirgu Mures Ivenio, Romania
Project: Speed Baler
Closing: May 2006
Term: 10 years
Total Size: EUR 2,605,000
Structure: Credit Facility
Function: Lender
Romanian Railways Ministry of Transport
Project: Financing of rolling stock Railway maintenance
Closing: 2006
Total size: EUR 144,000,000
Term: 12 years
Structure: Loan
Function: Lender
Private Financing – References Infrastructure Projects
Bucharest – Constanta LineRomanian Ministry of Transport
Project: Rehabilitation of railways
Closing: 2006
Total size: EUR 100,000,000
Term: 10 years
Structure: Loan
Function: Lender
TAROM (National Romanian Airline)Romanian Ministry of Transport
Project: Purchase of 2 aircrafts
Closing: 2006
Total size: EUR 71,000,000
Term: 13 years
Structure: Loan
Function: Lender
Private Financing – References Infrastructure Projects
City of Bucharest - 2nd District
Project: financing infrastructure works, extension of water and sewage network
Closing: 2007
Total size: RON 242.600.000
Term: 20 years
Structure: Investment loan
Function: Lender
City of Iasi
Project: financing local infrastructure projects
Closing: 2007
Total size: RON 200.000.000
Term: 20 years
Structure: Bridge Loan + Bond Issues
Function: Lender
Private Financing – References Infrastructure Projects
City of Bucharest-4th District
Project: financing infrastructure works, extension of water and sewage network
Closing: 2007
Total size: RON 162.000.000
Term: 18 years
Structure: Investment loan
Function: Lender
Sibiu City and County
Project: Sibiu Airport modernization
Closing: 2007
Total size: RON 140.000.000
Term: 25 years
Structure: Investment loan
Function: Lender
Private Financing – References Infrastructure Projects
Constanta Municipality
EUR 10 milioane
Mures County
EUR 4.35 milioane
Giurgiu Municipality
EUR 3 milioane
Targu Mures Municipality
RON 52 milioane
Arad Municipality
EUR 5 milioane
Constanta County
EUR 8.6 milioane
Alba County
RON 50 milioane
Focsani Municipality
RON 50 milioane
Iasi Municipality
RON 200 milioane
Lugoj Municipality
EUR 10 milioane
Romanian State
EUR 350 milioane
Private Financing from Volksbank Romania
- CITADIN - company from Iasi, part of the Municipality for the acquisition of equipments for roads habilitation and contraction – 1.3 million euro
- Hidroconstructia – finance for current activity 11.2 million euros
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