China's ICBC to finance nuclear power project in Romania

The Industrial and Commercial Bank of China (ICBC) will provide funding to Romania to finish construction of a nuclear power project in Cernavoda

The Industrial and Commercial Bank of China (ICBC) will provide funding to Romania to finish construction of a nuclear power project in Cernavoda, The Wall Street Journal reported. Romanian Vice-Premier Liviu Dragnea said the project will add two more reactors to bring the total to four, doubling the plant's current capacity of 700 megawatts.

The cost of the projects for the Cernavoda nuclear power plant is estimated to be more than $13.6 billion, according to Dragnea. Originally the country planned to begin construction of the project in 2010. However, uncertainties within the market caused the project to be derailed. 

"The bank's president presented the management's decision to financially support the energy projects Romania and China agreed upon, namely the construction of the third and fourth reactors in Cernavoda, as well as other investment projects currently in advance negotiations," Dragnea told reporters after a meeting with ICBC CEO Jiang Jianqing, according to the Journal.

ICBC is the world's biggest bank. The financial institution's return on average for total assets decreased 0.01 percent in the first quarter of 2014 compared to the previous year. 

 

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