Romanian Govt. borrows from Council of Europe Bank for social housing

The Romanian Government will borrow EUR 175 million from the Council of Europe Development Bank (CEB) to build social housing projects for young persons and families. It approved a memorandum for these projects on Wednesday, February 4, reports local Economica.net. The aim is to build some 9,000 homes that it can rent to families and young people aged 18-35, with lower than the average income. After the apartments are ready, local municipalities will take them over. T he state estimates the project, to be carried out between 2015 and2020, at EUR 250 million. EBRD loans and the state’s contribution worth EUR 75 million will help fund it. editor@romania-insider.com