Summary: The report covers the European Investment Banku0092s (EIB) portfolio of completed transport projects in central and eastern Europe financed between 1990 and 1999, inclusive. During this period, the Bank financed 58 projects for a total disbursed amount of some u00804.9 billion. Of this, approximately 65% went to roads, 27% to railways, 6% to air transport and 2% to ports. The distribution between countries reflected their size, population and economic importance, with most funding going to the Czech Republic, Poland and Romania. All projects contributed significantly to the EUu0092s key transport policy objectives, with a particular focus on infrastructure in urgent need of rehabilitation. Most of the ten projects examined in-depth were completed to specification, largely on time and on budget, with cost overruns of less than 15% of the original estimate. Only two projects suffered from much higher costs than forecast; attributable to a combination of inaccurate unit prices, latent road foundation problems and rampant domestic inflation. There were problems with bureaucratic and administrative delays in establishing guarantees, and procurement: delays of more than one year to the start of construction were not uncommon. The works were generally carried out to a high standard and should have a full working life if properly maintained. However, there are concerns that available funds for maintenance from central government may not be adequate, which would affect the sustainability of seven out of the ten projects. Nine out of the ten projects benefited from technical assistance, which was an EIB funding condition, and which facilitated the implementation of the projects. Five of these promoters, all in the roads sector, still rely on external assistance to implement EIB funded projects. Most of the projects were affected by significant changes in the pattern of transport demand during the transition. However, the Bank's projections were normally closer to the real situation than the promoters'. In terms of overal
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