Romania’s Finance Ministry has approved funds of RON 176.6 million (EUR 38.4 million) for public investments of local interest. However, the amounts can only be used in 2018, reports local Economica.net.

Funding from the central budget for investments has been blocked this year because of the lack of financial resources.

The money for next year will be used to finance investments such as the thermal rehabilitation of residential blocks in Bucharest’s District 6, the capital repair works at Targu Mures Transilvania Airport or revamping the public lighting system in Macea, Arad county, according to the Finance Ministry.

The Ministry also authorized loans of RON 57.4 million (EUR 12.5 million) for refinancing local public debt.

For this year, the Government has not allocated any money to finance investment projects carried out by local governments, as the previous ceiling of RON 1.2 billion (EUR 261 million) has been exhausted.

editor@romania-insider.com