Romania and World Bank sign financing accord of 600 million euros for Development Policies

Romania signed a financing accord with the World Bank for 600 million euros for development policies. The loan was conditioned by carrying out structural reforms, actions being fully carried out before negotiations, the Finance Ministry informed on Thursday.

“Contracting the loan was conditioned by the adoption of reforms, grouped in two pillars: Pillar 1: strengthening fiscal management, inclusion and green public investments, which includes actions in fields like fiscal reform, pension reform, green public investments; Pillar 2: promotion of private financing for green transition, which includes actions in fields like: energy (renewable energy, offshore wind energy), transport, public-private parnership,” the press release shows.

The World Bank support has a maturity of 15 years, with payback in a single instalment, on July 15, 2039.

“It is important to point out that this financing, made in the best conditions which Romania could access at this moment, was conditioned by carrying out structural reforms important for the consolidation of fiscal management and improving resilience to climate changes. Our partnership with the World Bank has always been successful and is reconfirmed by its active role in backing our country's growth potential. Special thanks for Anna Akhalkatsi (WB country manager for Romania and Hungary) for the permanent professional guidance offered to Romania,”said minister Bolos.

2024 marks 32 years of partnership between World Bank Group and Romania. The active portfolio includes 13 loans of 1.7 billion euros granted to Romania. Financial assistance covers key fields such as reform of the health system, secondary education, improving judicial services, disaster risk management, consolidating infrastructure and preparing for critical emergency situations as well as preveting and reducing rural pollution.

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