The European Bank for Reconstruction and Development (EBRD) delivered last year EUR 707 million in investments for 44 projects in Romania, a significant increase compared to the EUR 658 million deployed in 2023 for 23 projects, and the main focus was on supporting the country's green transition, the European lender said in a statement on Thursday."We are delighted with these strong results, a sign that, through its steadfast presence in Romania, the Bank is set to remain a key investor in the Romanian economy. The EBRD is mandated to support growth in the private sector. In Romania, the private sector share of investment was 83%, well above the average 76% of investments going to the private sector across all EBRD regions," said EBRD Head of Romania Victoria Zinchuk.The EBRD's cooperation with private corporations, equity funds, banks and local municipalities remained strong in 2024, as private sector transactions included a EUR 40 million risk sharing with Banca Transilvania for Omnia Europe SA, the launch of an EUR 10 million supply chain financing program for Profi Rom Food SRL local suppliers, EUR 10 million equity investment in local brand La Cocos, equity investment into AROBS Transilvania Software SA, and a number other debt and equity transactions.In the municipal sector, EBRD contributed EUR 75 million in regional projects. This included co-financing alongside the EU for water and wastewater investments in four counties (Bacau, Constanta, Iasi and Braila), as well as building energy efficiency projects in Craiova under the Bank's Green Cities Framework.The rise in the investment level occurred due to Romania's growing ambition to implement EU green programs, such as Fit for 55 and REPowerEU, which aim for 38% of the country's final energy consumption to come from renewable sources by 2030. The EBRD is supporting Romania in achieving this goal, both by providing financing for viable green investments, and by supporting the Romanian authorities in implementing policies that support stronger private sector participation in green energy investments.In 2024, the EBRD financed nearly 1 GW of renewable capacity in Romania. These investments, amounting to over EUR 180 million, have further mobilized almost EUR 1 billion of private and public finance.Energy sector transactions include EUR 46 million financing for the Urleasca Wind Farm, the acquisition of a stake in regional energy company Premier Energy, and a EUR 15 million loan to regional renewable energy producer Photon Energy. The EBRD also financed the Vifor onshore wind project with EUR 32 million, allocated the RON equivalent of EUR 100 million for the upgrade of electricity distribution networks, and provided a EUR 12.2 million construction bridge loan to Danube Solar Five for photovoltaic power plants in Dolj County. In addition, the EBRD provided half of a EUR 110 million financing package for the solar power plants in Iepuresti and Ghimpati.To address energy price volatility, a problem affecting the Romanian economy, the EBRD supported the design and implementation of Contracts for Difference (CfD) renewables auctions scheme, with the first tender for up to 1.5 GW successfully awarded in 2024. A Memorandum of Understanding with the Ministry of Energy was also signed in December 2024 on implementing the second RES CfD tender and on designing storage support schemes and auctions, as well as implementing reforms required to integrate storage capacities in energy markets.As a result, green economy financing amounted to 74% of the Bank's investment volume in Romania in 2024, higher than the 58% recorded across all EBRD regions. Projects signed in 2024 in Romania are expected to reduce carbon dioxide emissions by 750,000 tonnes a year.These results in Romania underpin a record year for the EBRD globally. The Bank, which operates in Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean (SEMED) region, saw total investment increase 26 percent to EUR 16.6 billion in 2024 from the previous record of EUR 13.1 billion in 2023.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
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The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
