International Finance Corporation (IFC), a member of the World Bank Group, is lending RON 112 million (approximately EUR 25 million) to the Municipality of Timisoara to support the development of municipal and social infrastructure, which will improve people’s lives and help local businesses, a press release informs. IFC’s loan will help Timisoara co-finance projects already supported by the European Union, including improvements to transportation, district heating, urban renewal, and social infrastructure. Support for local small and medium enterprises includes upgrades to municipal IT systems and services.
This is the second IFC loan to support investment in local infrastructure in Romania alongside the European Union. Last year, IFC provided RON 34 million (approximately EUR 7.6 million) to the municipality of Botosani to improve the energy efficiency of the municipal heating system.