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March 23, 2023

Gov’t wants more money from EBRD: Victor Ponta-Suma Chakrabarti meeting in London

* A new strategy for Romania, to run until 2020, is expected to be approved during the Bank’s Board of Directors meeting on September 30

Premier Victor Ponta met European Bank for Reconstruction and Development (EBRD) officials in London on Thursday, a Government communiqué shows. Romanian Prime Minister was accompanied by Finance Minister Mr. Eugen Teodorovici and Transport Minister Mr. Iulian Matache.
At the EBRD headquarters in London, the delegation met EBRD President Sir Suma Chakrabarti and First Vice President Phil Bennett. Both sides emphasized their joint commitment to intensify the cooperation between EBRD and Romania.
The Romanian Premier presented to the EBRD leadership several projects that the Romanian Government considers top priorities in the Transportation, Energy and Public Works domains, projects that have a major impact on regional development and national infrastructure. The projects will undergo a process of internal assessment carried out by EBRD specialists, being set to be assessed from the standpoint of their economic viability, their positive effect on the Romanian economy’s transition toward modern and high-performing standards, as well as from the standpoint of the possibility to finance them against the backdrop of the difficult conditions currently registered on international financial markets. At the same time, EBRD’s Board of Directors will approve, on September 30, the new country strategy for Romania.
EBRD President Sir Suma Chakrabati pointed out: “With its own market of 20 million consumers and with a rising number of Romanian companies that are successful on international markets, Romania has great potential. EBRD is determined to support the country’s economic development, with the stress being laid on stimulating the private sector. We have very good experiences and a solid portfolio in Romania, a portfolio we intend to develop.”
In his turn, the Romanian Premier added: “EBRD has played an essential role in Romania’s transition toward a functional market economy after the Revolution. We want this involvement to continue on multiple levels.”
EBRD is one of the biggest institutional investors in Romania, having invested approximately EUR 7 bln in over 370 projects so far. The projects have resulted in another EUR 14 bln being invested by other investors. The bank’s activity is oriented toward developing the capital market, improving the quality of infrastructure, lowering regional disparities, enhancing inclusion and stimulating the competitiveness of the private sector.
A new strategy for Romania, to run until 2020, is expected to be approved by the Board of Directors on September 30. EBRD’s operations in Romania are led by Mr. Matteo Patrone, who was appointed head of the bank’s representation in Bucharest in July 2015.

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