The Government approved on Thursday, by decision, an amendment to the framework loan agreement between Romania and the Council of Europe Development Bank (CEB), providing for the extension of the project closing date and the deadline for completing the works until December 31, 2030, in order to continue investments in flood protection and the development of water sources.

According to a Government press release, the agreement also stipulates the reallocation of approximately 1.39 million euros from the 'Flood Protection Works' component to the 'Protection/Extension of Water Sources' component, in order to finance the remaining works for the 'Corbesti Reservoir' project.

The 298.5 million euros loan was signed in 2007 and approved through Government Decision No. 163/2008. It is being implemented by the Ministry of Environment, Waters and Forests through the National Administration 'Romanian Waters'.

'To date, approximately 99% of the available funds have been used. The extension of the project is necessary in the context of increasingly severe hydrometeorological phenomena, such as flash floods and drought, which require the development of more resilient water infrastructure,' the press release said.

The same source added that the amendments do not involve any increase in Romania's financial obligations towards the CEB. AGERPRES (RO - writing by: Daniel Florea; EN - writing by: Cristina Zaharia)