Romania to invest 216 mln euro CEB loan to modernise cultural heritage buildings

Romania’s government said that it approved the borrowing of 216 million euro ($255.5 million) from the Council of Europe Development Bank (CEB) for rehabilitation and modernisation of cultural heritage buildings, according to

A large part of the investment loan will be used to modernise the National History Museum in Bucharest, the government said in a press release.

Other buildings to be rehabilitated with the proceeds of the loan are the New Opera in Iasi, the Opera house in Cluj-Napoca, the Bratienilor settlements in Bucharest and Vila Florica in Arges county. The modernisation and rehabilitation programme is planned to be completed in seven years.

Romania will contribute 54 million euro to the programme, bringing the total investment amount to 270 million euro.

According to a separate press release issued by Romania’s culture ministry on Wednesday, CEB board is expected to approve the loan in March 2021 the earliest. The project will become operational once approved by Romania’s parliament, by the end of next year.

Romania has so far borrowed some 194.4 million euro from the CEB for the rehabilitation of 16 cultural sites, according to the culture ministry.

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Photo: Nicu Cherciu




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