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June 28, 2022

Romanian Government to ask for EIB support in developing 3P projects

The Romanian Government intends to ask for the support of the European Investment Bank (EIB) in the next period to develop some public-private partnership (3P) projects and to begin talks on the energy efficiency projects in the public sector, that might be co-financed through the Juncker Plan, a release by the government says.

“We’d like to start the long of our tenure a series of projects that could bear first fruit soon. For instance, we have a plan of a pilot-project for a 3P kind of hospital,” Prime Minister Dacian Ciolos said upon meeting on Tuesday with EIB President Werner Hoyer in the context of the ceaseless support the bank has given to Romania in the past 25 years with impact outcome for the national economy.

The two high officials have addressed several essential topics for Romania, from the point of view of the collaboration with the EIB.

Therefore, the prime minister has underlined the importance of the new Memorandum of understanding between the Government and the EIB, inked at end-2015, through which Romania is to receive technical assistance for a series of European funds programmes, as well as for the sensitive field of public procurement.

Moreover, preparations are advanced for two new loans to cofinance European funds worth 1.3 billion euros.

The two high officials also talked about the takeover of the EIB deputy president position by Cristian Popa, which’s candidacy is officially backed by the Romanian Government at the proposition of the Public Finances Ministry. The Romanian side has transmitted it appreciates Hoyer’s support for this candidacy, as Popa is a highly esteemed economist in Romania and well-known internationally; he is a former deputy governor of the National Bank of Romania (the central bank).

The talks were attended by Vice Premier Costin Borc, Minister of Public Finances Anca Dragu, and by Flavio Schiavo Campo, head of the EIB office in Bucharest.

EIB President Hoyer paid a visit to Romania on Tuesday to discuss the bank’s engagement in the country and explore opportunities to provide greater support for long-term investment to accelerate economic development in Romania and improve the quality of life of the country’s citizens.

EIB loan signatures in 2015 amounted to 228 million euros, bringing the total lending volume in Romania over the past five years (2011-2015) to 2.6 billion euros. In recent years the EIB has supported investment across all major sectors of the economy, including transport, communications, energy and the environment, development of a knowledge economy and increasing access to finance for small and medium-sized companies through local financial institutions partners.

President Iohannis asks EIB to provide technical assistance to Romania

President Klaus Iohannis on Tuesday welcomed a European Investment Bank (EIB) delegation, headed by EIB President Werner Hoyer, at the Cotroceni Presidential Palace, asking EIB to provide technical assistance to Romania and mentioning the importance of a development bank being created to facilitate large investment projects.

According to a Presidential Administration statement, discussed at the meeting were the results of economic cooperation between Romania and EIB, despite a cut in the funding volume in 2015. The EIB leadership voiced confidence that the funding level will recover soon, as several incomplete projects get completed.

The statement also shows that the main subject of cooperation between Romania and the European Investment Bank (EIB) regards the investment dimension of the “Junker Plan,” conducted through the European Fund for Strategic Investments (EFSI).

“At Romania’s President’s request, the EIB leadership voiced the bank’s entire availability to support Romania by means of technical assistance provided by the bank’s specialists in Romania,” the statement says.

President Klaus Iohannis mentioned the importance of creating a development bank as an investment vehicle to facilitate funding large investment projects, a matter on which the EIB leaders also announced their technical support.

The discussions also covered the national legislative framework of the private-public partnership and means for its improvement, as well as the need for substantial involvement of the private sector in such projects.

“In the current economic context, in which Romania is recording strong economic growth, the European Investment Bank leadership highlighted the need for Romania to continue its structural reforms, so that it can ensure an as competitive as possible framework for the future economic developments,” says the Presidential Administration.

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