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Cernavoda-Constanta section of Sun Highway will be financed by the European Commission
The European Commission decided recently to cover construction costs for the Cernavoda-Constanta section of Sun Highway, initially financed by the Romanian state by loan. By this decision signed by the commissioner for regional politics, Corina Cretu, the Romanian state benefits from 305.7 million euros from the Cohesion Fund, an amount covering 85% of construction costs for the 51.3 km of highway commissioned in 2012.
To build the Sun Highway, the Romanian state contracted in 2005 a loan from the European Investment Bank. In September 2014 Romania asked the European Commission to finance the construction of the section retroactively. The highway section will reduce by 30% serious traffic accidents between Constanta and Cernavoda and will shorten travel time from Bucharest to Constanta from 2 hours and 30 minutes to 1 hour and 51 minutes. The loan from EIB will be used to finance other transport infrastructure investments.
“This is a very good example about measures to be adopted by Romanian authorities to accelerate the absorption rate of programs over 2007-2013,”said Corina Cretu. “As I promised in 2015 I am ready to do my best to help member states with absorption problems to invest most of European funds already allocated,” the commissioner said.
The EU Cohesion Fund is meant for member states whose per capita gross national income is less than 90% of EU average. That has in view to reduce economic and social differences and the promotion of durable development. The development of trans-European transport network which also includes Sun Highway (A2), is one of the priorities of the Fund/ (priority axis TEN-T 7).
Commissioner Corina Cretu set up a work group to increase the absorption rate of countries like Romania, Bulgaria, Czech republic, Croatia, Hungary, Slovakia, Slovenia and Italy. Cretu declared that she would do her best to help those countries invest the rest of funds already allocated. That is the most important priority of the Romanian European commissioner for 2015.