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World Bank and the Municipality of Brasov Enter Partnership for Urban Development
The World Bank Office in Romania and the Municipality of Brasov signed today a reimbursable advisory service (RAS) agreement – a form of technical assistance - to support the implementation of urban development solutions that will boost growth and improve the quality of life for Bra?ov residents, a press release sent to ACTMedia informs.
Brasov is a city with tremendous economic potential, but faces the challenge of ensuring effective planning, prioritization, design and execution of capital investments to generate better economic outcomes for its constituents.
“I am pleased to be in Brasov today for the signing of what is a very innovative and promising engagement – working directly with cities in Romania”, said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. “Brasov is an attractive urban area and we want to make sure it fully exploits its many economic and geographic advantages to be a bright spot of economic growth and development on Romania’s map.”
The World Bank will provide technical assistance to the Municipality of Brasov over a period of three years. The focus of this support will be to help Brasov leverage its strategic location and potential to reenergize its development model and spearhead innovation.
World Bank support will target three main areas:
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Strengthening capital investment planning and management with a focus on supporting improvements in project planning and delivery, financial health of the municipality, and development of a multi-annual investment program;
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Improving municipal asset management and urban regenerationby identifying underutilized assets that could be repositioned to advance the city’s policy goals. In addition, support will be provided in the adoption of international best practices in urban development, as well as in addressing the rehabilitation of old-style neighborhoods;
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Enhancing the competitiveness of the metropolitan area with a focus on building local capacity to sustain an effective public-private dialogue to advance the city’s development priorities, and create the “Innovative Brasov” model, including piloting low-cost, innovative solutions at the city level.
The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over US$13.6 billion in loans, guarantees and grants in all sectors of the Romanian economy. The Bank’s current portfolio includes investment lending, analytical work, and technical assistance to support Romania’s reform priorities. In 2016, the World Bank Group and Romania celebrated 25 years of continued partnership in supporting poverty reduction and inclusive growth.
The World Bank opened its office in Romania in 1991 and has since provided over 13.6 billion dollars in loans, guarantees and grants in all sectors of the Romanian economy. Currently, the World Bank portfolio includes investment loans, analytical activities and technical assistance to support Romania's reform priorities. In 2016, the World Bank Group and Romania celebrated 25 years of continuous partnership, with a focus on measures to reduce poverty and sustainable development.