Romania is set to benefit from €1 billion in funds from the European Investment Bank (EIB).

The financial institution is loaning the money to the Romanian government for use in a variety of investment programmes across the country.

According to Kollatz-Ahnen, vice president of the EIB, this money will go towards funding improvements in its transport network and developing its economic competitiveness.

He added that in light of the continuing global financial crisis, it is possible that the amount allocated to Romania may increase over the next few years.

"We will do our best for the year to come, to prepare a higher volume for Romania, let's say a third more," he commented.

The news comes just days ahead of the country's parliamentary elections.

Recent polls suggest that the economic downturn is having a negative effect on the government, as the opposition Social Democrats are currently in the lead and on course to seize power.