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Bucharest subway to receive app. 410 million euro from European regional development funds
The European Commission approved on Thursday a 409.5 million euro investment from the European Regional Development Fund (ERDF) for building Line 5 of the Bucharest subway.
The project envisages the building of 6.7 kilometers of new rail lines, 10 stations and a depot between Drumul Taberei and subway station Eroilor, the main beneficiaries of the project being the around 335,000 residents of Drumul Taberei neighborhood, according to information released by the European Commission.
Furthermore, the Commission estimates that around 3,000 new jobs will be created during the works and around 246 jobs once the project is completed.
According to European Commissioner for Regional Policy Johannes Hahn, this project is a good example of the way in which EU regional funds can help Romania return to the path of growth.
'This project will contribute to improving the mobility of our citizens, who will travel in safe, ecological conditions and to making Bucharest a more attractive capital for investors', emphasized the European Commissioner, according to a press release.
The investment for the enlargement of the Bucharest subway comes through the EU regional policy program 'Transport' as part of the priority axis 'Modernization and development of national transport infrastructure to achieve a durable national transport system'. The ERDF will finance 409.5 million euro of a total investment of 481.7 million euro.
The project is considered by the European Commission as a 'major project'. The decision to co-finance this project is scheduled in the 2007-2013 program, in which Romania was allotted 20 billion euro for furthering the cohesion policy. For the 2014-2020 period Romania was allotted 22.9 billion euro.