The European Bank of Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the Green Climate Fund (GCF) will provide €20 million in financing to Moldova for a project to regenerate the River Bic and transform it into an attractive asset for its residents and the region.
The EBRD is lending €8 million that will be complemented by an €8 million loan from the EIB and an investment grant of €4 million from the GCF.
“As Chisinau has grown, the river Bic has become polluted and is prone to flooding that impacts local communities, infrastructure and the economy, reducing the appeal of the city,” the EBRD said in a press release.
The project will fund a set of solutions that together will improve stormwater management and its interaction with the Bic River, including the partial realignment of 7.6 km of the river channel. For example, the drainage network will be rehabilitated and flap valves will be installed along the urban section of the river. This will reduce the damage and costs associated with increased flood risk, as well as improve water quality and create new opportunities for recreation, entertainment and sustainable mobility for some 100,000 people.
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