ECONOMY FINANCE&BANKING INVESTMENTS

Matteo Patrone: EBRD to combine investments with support for reforms during 2015-2018

The European Bank for Reconstruction and Development (EBRD) will combine the investments during 2015-2018 with the support for reforms, improving corporate governance in the state-owned enterprises, EBRD Director for Romania Matteo Patrone said on Tuesday.

“We will work to boost Romania’s private sector growth by helping to expand access to finance, with an emphasis on capital market development. With the economy rebounding, conditions are suitable for companies to enhance their competitiveness through balanced financing structures and improved management practices. The EBRD will work to reduce regional disparities by financing essential infrastructure to promote economic inclusion. We will also combine our investments with support for sector reforms and improved corporate governance in state-owned enterprises.”

He explained there is a list of the projects the EBRD wants to invest in, but it must be shortened.

Patrone said, “While we speak we are processing this list so as to make sure we go on the same priorities that the Government also has and we will implement those projects in a relatively short time”.

The EBRD has invested 1.5 billion euros in 75 projects over the previous country strategy period.

The 2015-2018 strategy sets out three priorities: broadening access to finance by inducing lending and developing capital markets; reducing regional disparities and boosting inclusion through commercialised infrastructure; and enhancing competitiveness in the private sector through targeted investment.

The EBRD estimates the Romanian economy will grow around 3 percent in 2015 and will expand 3.2 percent in 2016, placing it among the countries with the biggest growth in Southeastern Europe. In total, the Bank has invested over 7 billion euros in Romania to date and has also mobilised more than 14 billion euros from other sources of financing in all sectors of the country’s economy.

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