Romania's government has borrowed EUR 110mn from the European Investment Bank to co-finance rural development projects under the EU-funded Rural Development National Plan, Hotnews reported. The contract was signed on Dec 24, 2013 by Romanian finance minister Daniel Chitoiu and budget minister Liviu Voinea . On the EIB side, the contract was signed by the bank's local bureau head Flavio Schiavo Campo de Gregorio and by law expert Stella Renita . The loan is a favourable way to finance the country's budget deficit on the long-term and at low cost, Chitoiu explained. The money will be paid back within 15 years with a five-year grace period. The funds will be used to co-finance specific projects developed starting July 2013 until the end of 2015.
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