Council of Europe Development Bank grants 216 million euros for rehabilitation of cultural buildings in Romania

The Minister of Finance, Adrian Caciu, signed, on Thursday, the Framework Loan Agreement between Romania and the Council of Europe Development Bank (CEB), worth 216 million euros, for the Project aimed at the rehabilitation of built heritage and modernization of some cultural buildings in Romania.

According to a press release sent to AGERPRES by the Ministry of Culture, the total net cost of the project amounts to 270 million euros, of which 216 million euros (80%) from the CEB loan and 54 million euros (20%), the contribution from the state budget.

"With the support of CEB, with a long-term thinking, with due respect for the cultural traditions of this people and for the inherited heritage, we can ensure the preservation of Romania's architectural and historical values. This project joins the other two projects in implementation, worth a total of 350 million euros, through which 16 cultural objectives out of 21 were rehabilitated and returned to the public circuit," declared Minister of Culture Lucian Romascanu.

In his turn, the Minister of Finance, Adrian Caciu, stated that "the financing received from the Council of Europe Development Bank for the rehabilitation and modernization of some historical sites in Romania is essential for the preservation and protection of the national patrimony".

"We are very pleased to continue our long-term support for the preservation of Romania's cultural heritage. This project, in addition to cultural and educational benefits, will also create direct and indirect employment opportunities," said Carlo Monticelli, Governor of the Council of Europe Development Bank.

The current funding will support the design and execution of works for eight investment objectives for the complete restoration of six emblematic historical monuments for Romania, as well as the rehabilitation and construction of adequate spaces for the development and diversification of cultural activities, structured according to the two-component Framework Loan Agreement.

The first component refers to the rehabilitation of historical monuments, which mainly aims at the in-depth restoration of large-scale objectives, and the second component refers to the rehabilitation and construction of cultural buildings.

The project will be implemented by the Ministry of Culture, in about 7 years, and its operationalization will take place this year, after the ratification by law of the loan.