A partnership with Bucharests District 5 to enhance opportunities for investors and citizens

Stocks and Financial Services Press Releases Wednesday March 21, 2018 08:21
BUCHAREST--21 Mar--World Bank

BUCHAREST, March 20, 2018 — The World Bank Office in Romania and the District 5 City Hall of the Municipality of Bucharest signed today a reimbursable advisory service (RAS) agreement – a form of technical assistance - to support the implementation of urban development solutions that will boost growth and improve the quality of life in District 5.

District 5 is located in the most developed economic area of Romania. Nevertheless, it is home to the largest marginalized community in the country and faces the challenge of ensuring effective planning, prioritization, design, and execution of capital investments to generate better economic outcomes for its constituents.

"Our partnership with District 5 is an exciting engagement at the local level," said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. "Through targeted interventions and analysis of the District's challenges and assets, we will support the local administration in advancing urban development solutions that can benefit residents and investors."

The World Bank will provide technical assistance to District 5 City Hall over a period of three years. The focus of this support will be to help the District fully capitalize on its geographic and economic location to advance stronger growth.

"Urban development in Antiaeriana is the biggest project developed in Romania over the last 30 years and, for such an important project to succeed, I could not have hoped for a better partner than the World Bank. In the forthcoming period, District 5 will become the main pole of economic growth at the level of the capital city," said Daniel Florea, Mayor of District 5, Municipality of Bucharest.

"It is a matter of personal pride that the projects which we have initiated have attracted such valuable partners. Achieving great things requires time, and in order for our projects to become a reality we reached out to the World Bank to bring in technical support - the best specialists in the world – to really transform District 5 by increasing the quality of life for every citizen. This collaboration represents a guarantee that we are a serious partner and are on the right track toward achieving our objectives."

World Bank support will target two main areas:

1) Strengthening capital investment planning and management with a focus on prioritizing a list of investment projects, developing and executing a multi-annual investment program, and strengthening the financial sustainability of the District;

2) Improving municipal asset management and urban regeneration by providing urban redevelopment solutions for the Antiaeriana area and the South-East area of the District. In addition, support will be provided in the implementation of practical urban solutions for the Ferentari Neighborhood, with a focus on enhancing the quality of housing, social services, infrastructure, and employment opportunities for residents.

The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over $13.6 billion in loans, guarantees and grants in all sectors of the Romanian economy. The Bank's current portfolio includes investment lending, analytical work, and technical assistance to support Romania's reform priorities. In 2016, the World Bank Group and Romania celebrated 25 years of continued partnership in supporting poverty reduction and inclusive growth.

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