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A.T.
The Ministry of Transports announced at the end of last week, that it has drawn up a Draft Bill on granting a loan to the National Highway And Road Company (CNADNR), intended to refinance the loan that the State Treasury granted the CNADNR in 2004. According to the draft, the refinancing loan worth 199,916,006.58 lei will come from revenues from privatization earned by the State Treasury.
According to a press release, the loan will be granted starting September 2009, over a five year period, with a 3-year grace period, with an interest rate equal to the policy rate of the NBR plus 4%. The loan will be paid back starting December 2012, in 4 equal quarterly installments.
The Ministry of Public Finance will conclude a convention with the CNADNR, which will specify the rights and obligations of the parties, as well as the conditions for the execution of the loan. In 2004, the State Treasury granted the company a loan of 199,916,006.58 lei. The loan is supposed to be reimbursed in September 2009 in a single installment. This loan will be reimbursed by the CNADNR from its own sources, namely from usage fees for the national roads. This year"s refinancing is needed because the company"s earnings aren"t sufficient to allow it to pay back the 2004 loan.
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