Cluj-Napoca considers loans to offset thinner transfers from central budget

Cluj-Napoca City Hall will contract a loan of RON 400 million (EUR 85 million) to finance investments and offset the thinner funds earmarked to the local budget following the Government’s 2019 budget planning, according to Romania-Insider.com.

The municipality will borrow the money for a maturity of 30 years, Ziarul Financiar reported.

The municipality saw its revenues dropping by EUR 5 million in the first three months of the year alone because the 2019 state budget hasn’t been adopted yet.

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