M2 national road to be upgraded with support of China

11:26 | 11.02.2019 Category: Economic

Chisinau, 11 February /MOLDPRES/- The M2 national road and three sections of the Chisinau ring road will be upgraded and built with the support of the Chinese Bank of Communication Co., Ltd. Shandong Provincial Branch. The government today approved the decision to initiate negotiations on the draft financing agreement with the Chinese bank. The agreement is a continuation of the Road Sector Program Support Project implemented with the support of international financial institutions.

To implement the project, the Ministry of Economy and Infrastructure signed a Memorandum of Understanding with China Railway 14 Bureau Group Co.Ltd, by which it was committed to make every effort to assist in getting financing for at least 15 years on favorable terms, following the signing of an international contract for execution of modernization works.

It is the second project to be supported by Chinese banks. On 30 January, the government approved a decision on starting negotiations on draft financing agreements between the Moldovan government and Chinese Bank China Citic Bank Corporation Limited to rehabilitate the national road M5, which includes Criva - Balti sector and rebuilt the road R13, Balti - Floresti - R14.

The estimated amount of the loan is 228 million euros.

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