EIB approves credit for Renault center in Titu

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The European Investment Bank EIB, has approved a loan of 83 million euros, for the development of the Renault Techonologie Roumanie, RTR, center in Titu, southern Romania, where tested and designed will be the next Dacia models, daily Ziarul Financiar writes.

The project supposes both projects in the infrastructure and testing equipment. In the new technological center, set up will be 600 jobs and indirectly 3,000 more.

In H1 this year, the building works in Titu were stopped for drawing financing, with the works due to be finalized 20 percent.

As part of the project worth a total of 166 million euros, participating is also EBRD, with 44 million euros, following the purchase of some 50 percent of RTR, and the Romanian state approved a subsidy worth 28 million euros, connected with the investment.

According to the project, the works had to be finalized in Oct 2009, but because of the effects of the economic crisis, the center will be ready by the end of the year 2010, the daily also writes.

RTR is currently employing 2,200 people in its units in Bucharest, Mioveni, south, and Titu, of whom 30 engineers were hired in the first six months of this year.

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