Romanian state-owned lender EximBank has issued two guarantee letters worth USD 23 million for Hidroconstructia, one of the biggest Romanian construction companies, which will allow it to carry out a USD 115.5 million contract in Jordan.

Hidroconstructia won the contract last year after an international tender organized by Jordan’s Arab Potash Company (APC).

“The contract Hidroconstructia has signed with the Jordanian company is one of the most important carried out by a Romanian company in the Middle East in recent years and can pave the way for more projects implemented by Romanian firms in the region,” said EximBank’s executive president Traian Halalai.

Hidroconstructia general manager Mihaita Fundeanu says the economic conditions on the domestic market, where there haven’t been any major construction projects in recent years, has determined the company to change its business strategy and focus on international contracts. The company also has ongoing contracts in Bulgaria, Belgium, Germany and Iraq.

Hidroconstructia was founded in 1950 and has built the biggest hydropower projects in Romania, including the Iron Gates, Bicaz and Vidraru project. It was privatized in 1995 and is now owned by the Employees Association.

editor@romania-insider.com