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Brussels grants Romania's state railways 440 mln euro for rail section upgrades
Romanian state-owned railway infrastructure operator CFR SA said on Monday that the European Commission has approved a 440 million euro ($490 million) grant for upgrades on one of its railway lines, seenews.com informs.
The money is granted through the Connecting Europe Facility Program (CEF) and will finance the modernisation of the Apata - Cata rail section, CFR said in a press release. The works are part of upgrades on the Brasov - Sighisoara railway line, which is part of Corridor Rhine - Danube, the company added.
The EU grant represents 81.74% of the total investment cost of 538.3 million euro. The co-financing will be provided from the state budget in two phases: 98.2 million euro for the 2016-2020 period and 167.5 million euro for 2021-2023. In June, CFR launched a route to Greece's Thessaloniki which it will operate until September 4.
In January, CFR Calatori said it plans to invest 76 million lei ($18.8 million/16.7 million euro) in infrastructure in 2016. The company sees revenues at 2.233 billion lei in 2016, while operating expenses are projected at 2.331 billion lei. CFR Calatori is the passenger transport division of Caile Ferate Romane (CFR SA), the state railway carrier of Romania.
CFR SA has three other units: freight transport operator CFR Marfa, railway infrastructure operator CFR Infrastructura and Societatea Feroviara de Turism, which manages scenic and tourist railways.