Romania borrows EUR 175 mln to build 7,000 social homes

Romania’s Government has decided to borrow EUR 175 million for the construction and modernization of some 7,000 social homes destined for young people. The money will be borrowed from the Council of Europe Development Bank. The homes can be rented by young families and people whose can’t afford to rent from the free market. The project’s estimated cost reaches EUR 250 million. The loan will account for up to 70% of the total amount, and the rest will come from the Development Ministry and local authorities. The Development Ministry will build this project through Romania's National Housing Agency (ANL). The institution will have the full responsibility for allocating the funds and carrying out the project. editor@romania-insider.com