EC covers EUR 305.7 mln loan for Sun Highway section in Romania

The European Commission (EC) has decided to cover the construction cost for the Sun Highway's Cernavoda-Constanta section, originally funded by the Romanian state, through a EUR 305.7 million loan, reports local Capital.ro. Following the decision signed by the European Commissioner for Regional Policy Corina Cretu, the Romanian state will not have to repay this loan, which will be covered by the Cohesion Fund, reads an EC press release. The Romanian state contracted a loan from the European Investment Bank in 2005 to build the Sun Highway. On September 2, 2014, Romania has asked the European Commission to retroactively finance the construction of this section. editor@romania-insider.com