China to invest EUR 500m in Smart City projects in Romania

The Romanian Association for Smart City and Mobility (ARSCM) and China National Electric Engineering Co. Ltd. (CNEEC) singed on Wednesday a financial agreement for smart city projects.

CNEEC, one of the largest state companies in China, with a wide international activity, signed the agreement with ARSCM to invest EUR 500 million in smart city projects in Romania, ziare.com reports.

The agreement aims the sectors of energy, living, environment and infrastructure, with the main purpose to support the ARSCM projects to develop creative-intelligent communities in Romania. The agreement has an implementation deadline of ten years.

“We believe in Romania’s development potential and we have the needed resources for the fair and coherent implementation of the projects. The financing agreement is a great opportunity to develop the Smart City industry in Romania. As we have promised, our country will become an important regional hub in the area of Smart City related industries,” ARSCM President Eduard Dumitrascu said.

During March 30-April 3, ARSCM was the host of the CNEEC delegation, headed by the chairman of the board Zhang Yanfei and the company’s Vice-president Yuan Bo and including representatives of the main departments.

Photo: ziare.com