The International Bank for Reconstruction and Development (IBRD) would lend Romania US$180 million to upgrade its transport system after joining the European Union (EU), the Romanian Ministry of Public Finance said yesterday.

Romanian Minister of Public Finance Sebastian Vladescu and a high official from the World Bank signed the loan agreement on Monday.

In addition to the program to upgrade national roads and railways, the money would also help improve maintenance work.

IBRD's loan is to cover 80 percent of the program's eligible costs and the government is to allocate another US$47 million from its budget.