EBRD to increase financing in Romania

With the EBRD already investing €7 billion in Romania since its first project and freeing around €14 billion in financing, they have already contributed magnificently to the growth enjoyed by the country; this is set to continue with a new agreement in place. Economic growth and social development are said to be the main aims from the agreement which will see support for Romania in regards to its funds allocated by the European Union.

Whilst in the presence of Romanian Prime Minister Dacian Ciolos and EBRD President Sir Suma Chakrabarti, it was EBRD Regional Director for Romania and Bulgaria Matteo Patrone who signed the agreement along with Emanoil Dascalu, the Secretary of State at the Ministry for European Funds. The agreement will see the EBRD help with sector reforms and the improvement of several key areas which include infrastructure, public services and sustainable energy.

Matteo Patrone has said “The Romanian authorities will benefit from the EBRD’s expertise in ensuring that EU structural funds are used in an effective way so that they can deliver growth. The EBRD stands ready to transfer its know-how in designing and implementing sustainable, commercially viable projects with an impact on the economic transformation of countries. The aim is to reinforce Romania’s capacity to absorb EU funds, advance key reforms, maximise results and stimulate growth.”

The EBRD will help with the drafting of new policies and strategies as well as introducing priority projects. The time period between 2014 and 2020 will see a number of investments into Romania and the EBRD, with help from the European Investment Bank and the World Bank, will help the authorities to utilize these investments efficiently so that Romania can hit all their projected targets.