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The European Bank for Reconstruction and Development and Romania

The European Bank for Reconstruction and Development (EBRD) remains an important partner of Romania.

Corina Cristea, 18.06.2013, 18:14

The EBRD is a strong and reliable partner for Romania. The country is showing clear signs of economic recovery after some tough years, and the EBERD keeps its commitment to supporting Romania’s efforts towards resuming a sustainable economic growth, said the EBRD President Suma Chakrabarti, who came to Bucharest for talks with Romanian officials .

Together with the World Bank and the European Investment Bank, EBRD is running an investment program worth 30 billion Euros, spanning a period of two years, to support economic recovery in Central and South-Eastern Europe. The bank’s contribution, which stands at 4 billion Euros, will mainly go to south-eastern Europe, including Romania, where the institution already invested 600 million Euros in 2012. Bucharest has already obtained over 6 billion Euros, and the most important project that Romania is implementing now with support from the EBRD is the restructuring of the Romanian Railway Company. Here is Romanian Prime Minister Victor Ponta talking about this project:

Victor Ponta: “I believe that the only real chance of restructuring and upgrading the Railway Company is to work together with the EBRD , to use the credit we’ve got from them and, most importantly, to capitalize on their expertise regarding the restructuring of such a big company. It is our government’s commitment to successfully carrying through this project, in collaboration with EBRD, a project that is essential to Romania.”

Suma Chakrabarti talked about the half a billion Euros that the bank is to invest in Romania this year:

Suma Chakrabarti: “There are reasons why we trust this government. They have taken very good measures to control the budget, they have serious reform programs that they wish to implement and, part of this reform program, it is very important that Romania attract more foreign direct investment. We will make our own contribution to this, which translates into 2.5 Euro for each Euro that we invest in a project.”

Bucharest officials continue to count on the EBRD’s support in co-funding projects from structural and cohesion funds, in the restructuring and privatization of state-owned companies, in supporting authorities in the implementation of local projects and in stimulating loaning to small and medium-sized buisnesses. The EBRD, supported by 64 countries and 2 inter-governmental institutions, supports the development of market economies and democracy.