EC approves the rescheduled finance of 480 million Euro in two stages for Metro Line 5

European Commission has approved the modifying of Bucharest Metro Line 5 project, on segment Raul Doamnei-Eroilor, including Valea Ialomitei, by rescheduling the financing for the EUR 480 million project in two tranches.

2016-07-20 17:34:00

This week, the European Commission approved the two-stage phasing out of the Bucharest Metro Line 5 project, with the first being included in the 2007-2013 programming period for which EU co-financing amounts to around 170 million euros; funding for the second phase will be made available in the 2014-2020 programming period.

Following the EC decision, the first phase of the project has an eligible amount of nearly EUR 200 million, of which almost EUR 170 million are co-financing from the European Union through the European Regional Development Fund (ERDF). The total project value is over EUR 480 million. According to a release, "Line 5 subway construction is a project of great importance for the inhabitants of Bucharest as it will reduce travel time between Drumul Taberei district and Eroilor area by almost 20 minutes. It's estimated that more than half of the 335,000 residents of Dumul Taberei and adjacent areas will use the upcoming subway line. However, it's expected this line to lead to traffic's decongest in the west area of the capital," EU Commissioner for Regional Policy Corina Cretu stated.

Metro line 5 represents the fifth metro corridor in Bucharest, and is increasing the total length of the network from 69 km to about 76 km.