Office building, sports complex get highest EU financing in Bucharest

An office building and a sports complex received the highest EU financing in the Bucharest-Ilfov area during the 2007-2013 programming period. The West Gate office building, located in the west of Bucharest, got some RON 40 million (EUR 8.8 million) whereas the sports complex La Stejarii, located in the north of Bucharest, benefitted from RON 35 million (EUR 7.7 million), according to the Bucharest-Ilfov Regional Development Agency (ADRBI), reports local Ziarul Financiar. The entire region of Bucharest-Ilfov was allocated RON 1.6 billion (EUR 354 million) during this period, of which the Management Authority reimbursed over RON 1.1 billion (EUR 243 million). Both entrepreneurs and local authorities were able to access the funds. Some started projects from scratch whereas others attracted EU money to refurbish existing projects. The West Gate project, owned by local real estate investor Liviu Tudor, had a total value of RON 88 million, and the EU financing covered almost half of its value. La Stejarii, developed by Romanian billionaire Ion Tiriac, had a total cost of RON 83 million, of which RON 35 million came from the EU. editor@romania-insider.com