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Old March 11th, 2010, 03:31 PM   #1181
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Romania to set up national fund for infrastructure works

Economy minister Videanu: the new investment fund might be functional in several weeks


Romania's Economy minister Adriean Videanu said that the new investment fund, which the government plans to set up, might be functional in several weeks or months and will include minority shares of the Economy Ministry and other public institutions. According to Videanu, the name of the fund will be The National Investments Fund.

Shares will be used to produce money and will not be sold. PM Boc recently announced that the executive is working at a project to set up a national investment fund with several sources.
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Old March 11th, 2010, 05:31 PM   #1182
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Aveti grija daca treceti prin orasul Pecica, judetul Arad:



Atenţie: cetăţeni turmentaţi la Pecica!

Cred ca s-au luat dupa asta.
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Old March 11th, 2010, 06:24 PM   #1183
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Pay attention to drunk people who might cross the street!
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Old March 11th, 2010, 06:27 PM   #1184
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Hi there!

The works for the tenders anounced latelly (for Nadlac-Arad motorway, and Pitesti-Craiova expressway) will be financed by EU funds mostly.
so we can assume these routes would be more less on time. when is a deadline ?

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Originally Posted by Le Clerk View Post
... As to the money for infrastructure which is not funded by the EU, it is not a matter of procedures, but a matter of sources of funding. As the national budget gets resources on a continuous and fluctuating basis, it is difficult to predict how much will be received and therefore how much will be spent. That's why the government makes 2-3 budget revisions a year to adapt to this fluctuation.
I completely disagree with that. if you change your budget data 2-3 times a year it means you cannot plan anything which lasts more than a year. or better you can only finance budget expenses which "live" for 2-3 months until the next budget reconstruction. anyway this is off the thread.
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Old March 11th, 2010, 06:33 PM   #1185
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so we can assume these routes would be more less on time. when is a deadline ?
Theoretically, yes. There is no deadline set yet for those sections as they have not yet been tendered and awarded. We'll know the deadlines after that happens.

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I completely disagree with that. if you change your budget data 2-3 times a year it means you cannot plan anything which lasts more than a year. or better you can only finance budget expenses which "live" for 2-3 months until the next budget reconstruction. anyway this is off the thread.
I agree with you, but in the current financial crisis it is difficult for many countries to forecast the evolution of the economy let alone the budgetary revenues. For example, all forecasts estimated that in Q4 209 the economy would have grown by 0.5%, while in the end the economy dropped by 1.2%, and the budget fell accordingly.
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Old March 11th, 2010, 07:03 PM   #1186
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...I agree with you, but in the current financial crisis it is difficult for many countries to forecast the evolution of the economy let alone the budgetary revenues. For example, all forecasts estimated that in Q4 209 the economy would have grown by 0.5%, while in the end the economy dropped by 1.2%, and the budget fell accordingly.
ufff, I am happy, I misread your previous post. I thought the budget is changed drastically and dramatically. but if we talk about around 1.7% change it is not a complete disaster.

anyway, could someone produce an up-to-date map of Romanian dual carriage roads ?
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Old March 11th, 2010, 11:51 PM   #1187
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Hopefully this will be continue to Calafat through a motorway sooner than the rest of the A6/A7.

It will also be a connection between A1 and A7/6.
looking forward to it-the bridge is coming soon
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Old March 12th, 2010, 04:04 PM   #1188
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Romania Sells Biggest Bond With Yield Above Croatia’s (Update3)
March 11, 2010, 11:19 AM EST

March 11 (Bloomberg) -- Romania sold 1 billion euros ($1.37 billion) of five-year debt, setting yields above similarly rated Croatian notes to lure investors to its biggest offering of bonds to international investors.

The bond maturing in March 2015 and carrying a 5 percent coupon was priced to yield 268 basis points above the benchmark mid-swap rate, according to Bloomberg data. That’s higher than the spread of 227 basis points today on bonds due in 2015 sold by Croatia, which has the same Baa3 rating, the lowest investment grade, from Moody’s Investors Service, and ranks BBB- at Fitch Ratings, one level above Romania’s BB+. [...]
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The Finance Minister will transfer the money to infrastructure works for this year.
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Old March 12th, 2010, 04:27 PM   #1189
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ALL money is to be transfered to infrastructure?! $1.37 billion? That seems like a lot.
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Old March 12th, 2010, 04:32 PM   #1190
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Originally Posted by and802 View Post
anyway, could someone produce an up-to-date map of Romanian dual carriage roads ?
You mean motorways?
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Last edited by Le Clerk; March 12th, 2010 at 04:39 PM.
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Old March 12th, 2010, 04:32 PM   #1191
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ALL money is to be transfered to infrastructure?! $1.37 billion? That seems like a lot.

That's the Fin Min's intention. Let's hope he'll stick to it.
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Old March 12th, 2010, 04:34 PM   #1192
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1 billion? If so, we can have 100 km of motorways done this year, they can do that "technically". I'm dreaming or what?!

LE: still, what did the IMF had to say about this? I'm sure there were some negociations going on...
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Old March 12th, 2010, 04:38 PM   #1193
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Originally Posted by ionut View Post


1 billion? If so, we can have 100 km of motorways done this year, they can do that "technically". :

Well, yes, theoretically yes.

Quote:
LE: still, what did the IMF had to say about this? I'm sure there were some negociations going on...

Quote:
March 11 (Bloomberg) -- Romania sold 1 billion euros ($1.37 billion) of five-year debt, setting yields above similarly rated Croatian notes to lure investors to its biggest offering of bonds to international investors.

The bond maturing in March 2015 and carrying a 5 percent coupon was priced to yield 268 basis points above the benchmark mid-swap rate, according to Bloomberg data. That’s higher than the spread of 227 basis points today on bonds due in 2015 sold by Croatia, which has the same Baa3 rating, the lowest investment grade, from Moody’s Investors Service, and ranks BBB- at Fitch Ratings, one level above Romania’s BB+


Same as the maturity for payment obligatons under the Comarnic-Brasov PPP.
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Old March 12th, 2010, 04:41 PM   #1194
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Man, this ROCKS!!! Let's hope that they will finance the motorways.

If they decide to invest $1 billion in infrastructure, I think this is one of the biggest loans RO took ever to invest in infrastructure. Or am I wrong? Can't remember something bigger than this (for infrastructue I mean).
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As a sign of appreciation and respect for the Romanian moderators and a few Romanian users, I will not edit all my 4100+ messages. I dedicate all the "work" I've done with passion on SSC to these handful of users. I will only continue to read SSC and be available for these users on PM. Thank you.
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Old March 12th, 2010, 08:33 PM   #1195
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If you think loan per se, I also think it's the biggest. But if you think financing, then you have to consider Comarnic-Brasov PPP ( EUR 1.3 billion construction works financing for 30 years).

On the other hand, I think even larger amounts will be discussed for A4 and Pitesti-Sibiu PPPs, the latter having to be decided this year IMO. Hopefully, A4 will also be decided this year with a Chinese financing.
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Old March 12th, 2010, 08:39 PM   #1196
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I was strictly referring to LOANS for financing infrastructure. Not PPP, that's a different story.

Do you have some "inside information" about A4 and Pitesti-Sibiu?

If Videanu manages to finance A4 with the Chinese, I promise I'll stop criticising him for what he did as Bucharest's mayor.
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As a sign of appreciation and respect for the Romanian moderators and a few Romanian users, I will not edit all my 4100+ messages. I dedicate all the "work" I've done with passion on SSC to these handful of users. I will only continue to read SSC and be available for these users on PM. Thank you.
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Old March 12th, 2010, 10:29 PM   #1197
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Originally Posted by Le Clerk View Post
You mean motorways?

the problem is I do not know how to call it in English. I mean all dual-lane carriage roads. these which comply with motorway standards and these which do not (i.e. too sharp bends, but still dual-level crossings, too many exits on certain route length). probably it is not going to help you, but we call them in Poland express ways (still dual-level crossings, but missing some other parameters of real motorways)

second thing.

I share your enthusiasm with 1bln bonds, but do not forgret one day you have to pay your debts.
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Old March 12th, 2010, 10:53 PM   #1198
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Quote:
Originally Posted by ionut View Post
I was strictly referring to LOANS for financing infrastructure. Not PPP, that's a different story.
OK

Quote:
Do you have some "inside information" about A4 and Pitesti-Sibiu?
I do not have inside info, and even if I had, I wouldn't share it here.

But I did read reports from CNADR saying they were preparing to contract Pitesti-Sibiu this year under a PPP agreement.

Quote:
If Videanu manages to finance A4 with the Chinese, I promise I'll stop criticising him for what he did as Bucharest's mayor.
I'll tatoo his name on my buttocks.
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Old March 12th, 2010, 10:54 PM   #1199
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Originally Posted by and802 View Post
the problem is I do not know how to call it in English. I mean all dual-lane carriage roads. these which comply with motorway standards and these which do not (i.e. too sharp bends, but still dual-level crossings, too many exits on certain route length). probably it is not going to help you, but we call them in Poland express ways (still dual-level crossings, but missing some other parameters of real motorways)
We call them here also expressways. Unfortunatelly, we do not have a map for expressways here because there are quite few. There are some great plans, but only the recent mentioned Pitesti-Craiova one is being discussed currently.

Quote:
second thing.

I share your enthusiasm with 1bln bonds, but do not forgret one day you have to pay your debts.
I know, but these infrastructure works must be done and actually if these loans would be used for infrastructure works alone, it would still be a great result.

BTW:

Quote:
Originally Posted by alexQ View Post
Europe stands on a mountain of debts

Not necesarly related to the Balkans but an interesting chart tough .The chart shows the level of public debt/GDP for each of the EU member state.
So Romania still has a lot of "room" to borrow, only that the IMF agreement does not allow for such loans to become outstanding this year or the coming ones for deficit and Eurozone reasons.

PS: In fact, this last bond issue was oversubscribed by almost 5 times by investors, comforted by the stable outlook given to Romania by Fitch, which basically allows us to borrow in the coming period up to EUR 5 Billion of long term debt for infrastructure works, which would bring more investments which will in turn help us pay the debt.
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Last edited by Le Clerk; March 13th, 2010 at 07:27 AM.
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Old March 13th, 2010, 07:07 PM   #1200
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btw, I found that Discovery channel made a film about Transylvania motorway construction
http://www.youtube.com/watch?v=roTIZsg9saM
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