BUSINESS

Memorandum on negotiating a 200 million euros loan with IBRD

The Government on Wednesday approved a memorandum referring to the negotiation of a 200 million euro loan with the International Bank for Reconstruction and Development (IBRD) concerning the secondary education.
‘The Government approved through a memorandum the report of the negotiation of the loan agreement between Romania and the IBRD aimed at implementing the project on secondary education. Moreover, the Public Finance Minister was authorised to sign the negotiated text of the loaning agreement. After signing, the agreement will be submitted to ratification in Parliament. The agreement provides the granting by the IBRD of a loan worth 200 million euros, on a 20-year period, reimbursable in one tranche on November 1, 2034, with a EURIBOR rate at six months, plus the variable margin. The period for the project implementing will be of about seven years, the time limit for withdrawing the amounts of the loan is December 31, 2022,’ the Government press office informs.
The project on secondary education funded through the agreement is aimed at stimulating the superior secondary education (high school) graduates to continue the studies in tertiary education (higher education or other post high school education forms), according to the same source.
‘The project will support the national education programme through interventions in schools (supply of grants, improvement and tutoring classes, counseling, private classes, extracurricular activities, etc.), systemic interventions (revisions of the syllabus, education staff training, improvement of the teaching conditions, etc.), as well as interventions in universities and summer programmes, aimed at supporting the students with risk of abandonment,’ the Government shows.

 

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