The water and sewage company of the City of Pitesti - S Apa Canal 2000 SA (“Apa Canal”) intends to implement an investment project, covering most of the Arges County with water supply and sewer network and expanding its customer base from the current 210,000 to 350,000 customers.

 In the anticipation of Romania’s accession to the EU, it is expected that up to 80% of the Project will be financed by a grant from the EU’s Cohesion Fund.

It is envisaged that the European Bank for Reconstruction and Development (“EBRD”) will co-finance the remaining 20% of the Project costs, lending directly to Apa Canal without guarantees from sovereign or sub-sovereign entities.

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