Transports Ministry seeks short-term loan

The Ministry of Transports, Constructions and Tourism (MTCT) last week instructed the investment banks to modify the financing offer related to the $2.5bn contract concluded with US-based Bechtel for building a highway. The investment banks were expected to submit bids for a 144 million-euro financing secured by US Eximbank, as well as a letter of interest for granting a short-term 55 million-euro funding unsecured by the State, by the end of last week, sources on the market told Ziarul Financiar. "Actually, the investment banks are asked to grant a bridge loan, that is a short-term financing due in less than a year and unsecured by the Finance Ministry. The money could be used to buy land required for building a highway or for other purposes," the quoted sources added. A b ridge loan is a short-term financing taken until the company can get permanent financing. ZF