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.

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