Bucharest – Constanța railway (CFR Line 800) upgrade

Line 800 upgrade to 160 km/h for passenger and 120 km/h for freight traffic, completed by July 2014. CFR states the investment value in two parts: 451 million EUR for București Băneasa – Fetești (works 2005–2012, ISPA and state budget) and 433 million EUR for București Nord – București Băneasa and Fetești – Constanța (works 2006–2012, JBIC loan, DEXIA Kommunalkredit credit and state budget). CFR does not say whether VAT is included or whether these are final costs. Club Feroviar (2024) gives 356.3 million EUR of financing for București Nord – Băneasa and Fetești – Constanța. JICA's ex-post evaluation (2013) puts the actual cost of the JBIC-financed sections (București Nord – Băneasa and Fetești – Constanța, 82 km) at 78,862 million JPY, including 11,883 million JPY of tax, or 536 million EUR at an average 147 JPY/EUR, against 342 million EUR planned at appraisal in 2000. Bidding for the civil works on those sections ran from May 2004 to November 2005 and the works from December 2005 to October 2010. CFR's ISPA project sheet (measure ISPA/2000/RO/16/P/PT/001) gives a total project value of 388,900,970.41 EUR for București Băneasa – Fetești (141 km), delivered through 15 works contracts and 2 technical assistance and supervision contracts (DE Consult). In 2016 the European Commission approved 226.6 million EUR from the Cohesion Fund (Transport Operational Programme 2007–2013) to refinance retrospectively the București Nord – Băneasa and Fetești – Constanța sections, a project valued at almost 475 million EUR and first financed by the Romanian state.