EUR 1.2 mil. European funds for Iaki Hotel in Mamaia resort

Iaki Hotel complex, located in Mamaia resort, obtained a non-reimbursable financing for modernizing works worth EUR 1.2 mil, within the Sectorial Operational Program for the Infrastructure and Development of Tourism Services.

Costin Sorici, consultant for European Funds, stated that the value of investment reaches approximately EUR 4.05 mil., the eligible value of the project being EUR 2.85 mil. Gheorghe Hagi contracted a bank loan to cover the difference.

Approximately 43% of the eligible investment worth, EUR 1.2 mil., is supported by European funds. Hagi Sport company finances the remaining EUR 1.65 mil. of the eligible amount. VAT, considered non-eligible expense, adds to the investment.

Sorici stated the project includes modernizing the old wing of Iaki complex, envisaging classification from 4 to 5 star, expanding the accommodation capacity by adding a new floor and rehabilitating the entire hotel.

The project is already approved and the financing contract was signed two weeks ago.

Sursa: Romania Libera [23.04.2009], Money Channel [24.04.2009]