Prime Minister Marcel Ciolacu met today at Victoria Palace with the World Bank delegation consisting of Anshula Kant, Managing Director and World Bank Group Chief Financial Officer; Anna Akhalkatsi World Bank Director for the European Union; Yaser El-Gammal, World Bank Country Manager for Romania and Hungary; and Liviu Voinea, Alternate Executive Director at the World Bank, according to a press release from Romanian Government sent to NINE O’CLOCK on Wednesday, 02 October 2024.
The meeting took place on the occasion of the launch event of the new launch event of the World Bank Group’s Country Partnership Framework (CPF) for Romania 2025 – 2029.
On this occasion, a 500 million dollars loan agreement was also signed (“Romania Second Disaster Risk Management Development Policy Loan with a Catastrophe Deferred Drawdown Option – CAT DDO-2”).
The document was signed by the Romanian Minister of Finance, Marcel Boloș, and the World Bank Director for the European Union, Anna Akhalkatsi. This funding line, with a drawdown option over the next three years, aims to strengthen Romania’s capacity for disaster prevention and rapid response to natural disasters and climate change. It provides Romania with rapid access to emergency funding and adds to the 650 million dollars loan approved by the World Bank for Romania in July to support development policies.
Prime Minister Marcel Ciolacu: Promoting human capital by improving access to education, healthcare, and social services is our goal in the relationship with the World Bank.”
“The new cooperation framework launched today, for the next five years, and the signing of the emergency funding instrument contribute to strengthening the partnership between Romania and the World Bank. This development makes us confident that we can continue the excellent collaboration we have had so far, through the guidance and financing that Romania needs, to accelerate economic development in a sustainable direction and achieve our broader goal of convergence with the European Union in terms of living standards. I consider this continuation of our cooperation as confirmation of the World Bank experts’ confidence in Romania’s development potential, which they have estimated at 5% per year over the next decade,” stated Prime Minister Marcel Ciolacu.
The Prime Minister also voiced his appreciation for the support provided to Romania through World Bank experts ‘guidance towards advancing reforms under the National Recovery and Resilience Plan (PNRR), including those aimed at the public pension system.
The Prime Minister further mentioned the significant steps taken to achieve the Government’s infrastructure objectives, ensuring that all regions of the country have access to resources, opportunities for economic growth, and equal development opportunities.
“We continue to focus on promoting human capital by improving access to education, healthcare, and social services. We aim to create new opportunities for better-paid jobs by stimulating private capital, accelerating the green transition, and strengthening resilience to climate shocks,” added Prime Minister Marcel Ciolacu.
The World Bank Group currently has a 2 billion dollars portfolio in Romania and will finance an additional 3 billion dollars’ worth of projects over the next three years. These are projects in the financial sector, to ensure access to finance for SMEs and farmers, women and young entrepreneurs, and bridge gaps in infrastructure, logistics, and value chains integration.
In turn, the Minister of Finance, Marcel Boloș, stated: “We welcome the World Bank’s efforts to further identify the best solutions for providing financing in the most accessible conditions and a mix of products best tailored to our specific needs. We encourage close collaboration between our teams in this regard.”
Anshula Kant, Managing Director and World Bank Group Chief Financial Officer: “Congratulations to Romania on the launch of the new @WorldBank Group Country Partnership Framework, which aims to improve human capital, facilitate better jobs and speed up the green transition, while strengthening Institutions for all people and businesses. I was honored to witness the signing of a new loan that will provide contingency financing to face future disasters and boost climate resilience. In my discussions with Prime Minister Marcel Ciolacu today, I thanked him for the excellent collaboration on the CPF and emphasized the need for continued fiscal consolidation. I was also delighted to share an update on new @WorldBank Group financial instruments.”posted on LinkedIn page:
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