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The EBRD is considering providing a loan of up to €15.51 million to S.C. Aquatim

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2011-10-21 13:00

The EBRD is considering providing a loan of up to €15.51 million to S.C. Aquatim S.A. (the “Company”) to co-finance the rehabilitation of water and wastewater infrastructure in Timis county, said the bank in a press release. rnrnThe financing is a sub-project under the Bank’s €200 million Framework for Romania EU Cohesion Fund Co-Financing for regionalised water companies (the “Framework”).rnrnThe EBRD loan is part of a €118.9 regional investment programme that will include significant grant funding from the European Union, the government of Romania and the local governments under Romania’s Cohesion Fund Programme.rnrnThe investment will enable the Company to extend and rehabilitate the water and wastewater infrastructure in nine smaller towns and 34 communes in line with EU directives. As a result, about 460,000 people (approximately 70 per cent of the total population of Timis County) will benefit from improved water and wastewater services.rnrnTransition ImpactrnrnThe sub-project will support environmental improvements as well as the continued regionalisation of water and waste water services in Timis County, which will result in efficiency gains as well as the transfer of commercial and managerial skills to less-developed localities in the county. The Company will participate in a benchmarking programme alongside other borrowers under the Framework.rnThe ClientrnrnS.C. Aquatim S.A. has been a Bank client since 1995 under the Municipal Utilities Development Programme I (“MUDP”) and has already undergone significant reforms since then. The Company reorganised in 2007 into a regional water company, and will now expand its services to approximately 70 per cent of Timis County, including the City of Timisoara.

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