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September 27, 2022
ECONOMYFINANCE&BANKING

World Bank approves 400 million euros for disaster risk management in Romania

The World Bank Group’s Board of Executive Directors on Wednesday approved a 400m-euro loan to be extended to Romania for the development of disaster risk management policies.

The loan, which will include a Catastrophe Deferred Drawdown Option (CATDDO), will support Romania’s efforts to effectively prepare and respond to natural disasters and climate change by strengthening institutions and legislation in the field.

“Cataclysmic events generate a significant financial shock for Romania, which could trigger an economic regression, disproportionately affecting the neediest. Increasing resilience to shocks is a central element of our new strategy for Romania, as well the core of efforts to promote inclusive growth. And we are therefore very pleased to support a programme that will enhance Romania’s capacity to prepare for and manage natural disasters and provide the necessary funding to provide immediate assistance to those who need it in the event of a disaster,” says Tatiana Proskuryakova, World Bank country director for Romania and Hungary.

According to the World Bank, Romania faces some of the greatest seismic risks in among the European Union (EU) countries, with thousands of lost lives and tens of thousands of buildings damaged by earthquakes over the last two centuries. Romania is also one of the most exposed to flooding European countries, with almost one million Romanians living in flood-prone areas.

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