Funds to finish Cernavoda

1 February 2002

Romanian industry and resources minister Dan Ioan Popescu announced the government's energy strategy, which allows for $2.3 billion investment in the infrastructure by 2004. However, officials estimate the cost of revamping the sector could reach $4.5 billion.

Prime minister Adrian Nastase said: "If we do not invest in the energy sector now, the costs will be more and more burdening in the coming years." The strategy stipulates that Cernavoda 2 should be completed by the end of 2004. Nastase said the project was backed by $400 million of financing under discussion with Societe Generale.

The International Monetary Fund, which has a team in Bucharest reviewing a $383 million loan, and the World Bank, due to approve $300 million in credit this month, have put heavy pressure on Romania to tackle energy sector restructuring.

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.