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Bucharest loses out on 160 million Euro

Bucharest City Hall has not spent loans of 163 million Euro borrowed to fund its 2008 and 2009 operations.

November 2009 - From the Print Edition

Blame is lying with city mayor Sorin Oprescu for failing to approve projects for the cash loaned from international financial institutions.
“The capital, which through the companies located here, contribute 22 per cent to the country’s GDP through taxes, cannot benefit these firms, because we do not make investments,” said deputy general mayor Mircea Raicu.
In addition, only 40.7 per cent of the City Hall’s budget for 2009 of 1.26 billion Euro has been spent in the first nine months



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