Country Partnership Framework between the World Bank and Romania for 2025-2029

The Country Partnership Framework between the World Bank and Romania for 2025-2029 will allow the country to continue promoting human capital by expanding access to education, healthcare and social services, as well as boosting private capital, speeding up green transition and strengthening resilience to climate shocks, according to Prime Minister Marcel Ciolacu.Ciolacu on Wednesday attended the release at the Romanian Government House of the World Bank's Country Partnership Framework with Romania for the period FY25-FY29 and at the signing ceremony of the Romania Second Disaster Risk Management Development Policy Loan with a Catastrophe Deferred Drawdown Option (CAT DDO-2).The agreement was signed by the Minister of Finance, Marcel Bolos, and the Executive Director of the World Bank Group, Anna Akhalkatsi."I am very pleased to release, together with Ms Anshula Kant, Managing Director and Chief Financial Officer of the World Bank Group, the Country Partnership Framework between the World Bank and Romania for the period 2025-2029. We continue to promote human capital by expanding access to education, healthcare and social services. We want to generate new opportunities for better paid jobs, by boosting private capital, accelerating the green transition and strengthening resilience to climate shocks," said Ciolacu.He added that over the next three years, the estimated value of financing for Romania from the World Bank Group will be standing at USD 6 billion, under advantageous financial conditions."Of these USD 6 billion, about USD 2.5 billion are for the public sector and USD 3.5 billion for the private sector. These are funds made through investments made by the International Finance Corporation and guarantees offered by the Multilateral Investment Guarantee Agency. I would like to emphasise this orientation towards increasing the competitiveness of the private sector. The World Bank Group currently has a portfolio of USD 2 billion in Romania and will finance projects of another USD 3 billion over the next three years alone. There are projects in the financial sector to ensure access to financing for SMEs and farmers, for women and young entrepreneurs, but also to reduce the gaps in infrastructure, logistics and integration into value chains."Ciolacu also said that the Romanian government has taken significant steps to "have one Romania," starting from the fact that "the World Bank talks in this document about the fact that there are two more Romanias - an urban one, more developed and integrated, and a rural one, poorer and isolated"."We have taken significant steps to have one Romania. A union through large infrastructure projects, from east to west and from north to south, so that all regions and counties have access to resources and equal opportunities for development. A union under our reindustrialisation programme, which aims to promote strategic industrial sectors, and a union by creating opportunities for economic growth. I would like to emphasise the World Bank's estimate: in the next decade, Romania's growth potential is 5% per year. Obviously, there are some conditions: we must manage to improve productivity of the factors of production - and, first of all, of human capital, under programmes in the areas of education, healthcare and social services."The prime minister also highlighted the support of the World Bank and the provision of advice for reforms under the National Recovery and Resilience Plan (PNRR) - for example, a recent pension law."The partnership with the World Bank is not only about financing, but it is also a partnership for knowledge: we are learning from the World Bank's experts, and the World Bank is learning from its interaction with Romania and can then replicate this knowledge at the regional level."Ciolacu also mentioned the importance of the Disaster Risk Management Loan."We are also signing today a Disaster Risk Management Loan, with an option to draw within the next three years; it is in fact a USD 500 million loan, funding that is available to the government to strengthen preparedness and response to natural disasters and climate change. It will give Romania quick access to funding in case of emergencies. The government of Romania appreciates the strengthening of the partnership between Romania and the World Bank by approving the new strategic framework and the financing instrument for emergencies. This is in addition to the USD 650 million development policy loan approved in July. It is a gesture that expresses the confidence that this partnership will contribute to boosting economic development in a sustainable direction."Ciolacu congratulated Akhalkatsi on her position within the World Bank, stressing that she has fully demonstrated that she is a true friend of Romania."I am sure that our excellent collaboration will continue in the future. I am also pleased to welcome the new country director for Romania, Mr Yasser El-Gammal, to whom I wish much success in his new term of office. Let me congratulate you on the excellent collaboration that led to the successful completion of all our projects and I hope we will keep up this pace in the years to come!", said Ciolacu.  (Photo:https://gov.ro/)