ECONOMY FINANCE&BANKING

World Bank: Romania to benefit from loan worth 500 million euro to back sustainable economic growth

Romania will benefit from a loan worth 500-million euro from the World Bank to streamline its public finances and reform certain institutions with a view to support a sustainable economic growth and improve the living standard, the WB announced on Friday in a release.

The World Bank’s Executive Board has approved yesterday 500 million euro (equivalent of 558.27 million USD), that will be given to Romania as part of the second loan for development policies regarding the streamlining of its public finances and economic growth (Development Policy Loan, DPL), the said release reads.

The goal of this new programme is to reform certain institutions and enforce policies that are vital to attaining an increased level of sustainable growth, to creating better paid jobs, as well as to improving the living standards in Romania.

The Romanian authorities have proven a sustained commitment on the implementation of an agenda of reforms that represents the very core of the efforts of slashing poverty and exclusion, and of creating better opportunities for Romania’s citizens, said Cyril Muller, Vice President of the World Bank for Europe and Central Asia.

He added that the World Bank will further back Romania on its road of economic transformations and a faster convergence with the EU.

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