OREANDA-NEWS. December 13, 2011. The European Bank for Reconstruction and Development (EBRD) has given a 11.7-million-euro loan for the restoration of six streets in Chisinau. Chisinau General Mayor Dorin Chirtoaca and the president of the European Bank for Reconstruction and Development, Thomas Mirrow, signed a loan agreement on the matter.

After the signing ceremony, Thomas Mirrow said that this project is very important for the Moldovan capital, as it allows enhancing the road traffic security and creating additional parking lots.

Chisinau General Mayor Dorin Chirtoaca said that the proceeds will be used for the rehabilitation of the streets in the capital's historic downtown, namely: Tighina, Alexandru cel Bun, 31 august 1989, Vasile Alecsandri streets and Stefan cel Mare and Constantin Negruzzi avenues. The restoration works will include the reconstruction of the subterranean networks, of the carriageable roads and pluvial sewerage, as well as the creation of parking lots and the overall upgrading of street lightening. Chirtoaca said that the restoration works are likely start next summer and that they might last 2-3 years.

Besides those 11.7 million euros, the European Bank for Reconstruction and Development examines the possibility of granting a parallel loan of 10.3 million euros for this project. Thus, the loan will amount to 22 million euros in all.

The agreement with the EBRD has been signed in spite of the fact that it had not been previously approved by the Chisinau Municipal Council. The agreement was to be examined today at the extraordinary session of the Chisinau Municipal Council. Yet, the meeting failed, as the Liberal, Liberal Democrat and Democrat councillors have conditioned their presence at the session by the Communists' willingness to include on the agenda of the meeting only the BBRD loan issue.