PRESS RELEASE March 4, 2019

World Bank Partners with Municipality of Bucharest to Support Economic and Urban Development and Reduce Seismic Risk

BUCHAREST, March 4, 2019 - The Municipality of Bucharest and the World Bank signed today a Reimbursable Service Agreement (RAS) – a form of technical assistance project - to support the municipality in prioritizing and implementing key local development interventions aimed at improving the quality of life for the city’s residents.

Bucharest is a key engine of growth in Romania, situated in one of the most developed economic areas of the country. It also has the highest seismic risk among European capitals, however, and is one of the 10 most vulnerable cities in the world. Like all dynamic cities, Bucharest needs to continuously adapt to new challenges.

“Our new country strategy in Romania emphasizes support to municipalities, helping them become more competitive and leverage local assets,” said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. “This new project will not only improve the Municipality of Bucharest’s approach to its economic and urban development, but will also address two of the city’s most challenging issues – seismic resilience and urban mobility.”  

The World Bank will provide technical assistance to the Municipality of Bucharest over a period of 36 months. The focus of this partnership will be on supporting the municipality in strengthening its capacity to prioritize, implement, and monitor key projects that should result in a more efficient delivery of high quality public services.

The World Bank support will target five main areas:

The elaboration of Bucharest’s Integrated Urban Development Strategy (IUDS), Capital Investment Planning and Management. Support in this area will include identifying key interventions required to improve the functioning and urban development of Bucharest, drafting a shortlist of proposed priority projects for implementation through 2030, and establishing a Monitoring and Evaluation Framework to track the implementation of these projects.

The urban regeneration of the historic center of Bucharest. The focus of this work will be on improving the quality of the urban space and life in this important city area. This will be achieved by updating the city’s draft Integrated Urban Development Plan and preparing a set of criteria to prioritize the proposed interventions in the plan. Furthermore, the World Bank will choose one pilot project and will provide guidance on its implementation.

Enhancing local economic development functions and outcomes by helping the Municipality of Bucharest analyze its real estate portfolio, and by supporting the preparation of an asset management strategy.

Identifying sustainable and accelerated mechanisms to improve the performance of Bucharest’s Seismic Risk Reduction Program. The World Bank will provide recommendations in three key areas: legislative, regulatory and institutional reforms aimed at accelerating progress in seismic risk reductions, developing a seismic resilience strategy, and enhancing public awareness on seismic risk reduction, prevention and preparedness.

Advancing the implementation of the Sustainable Urban Mobility Plan (SUMP) for the Bucharest-Ilfov area by enhancing the institutional capacity of the Municipality of Bucharest to carry out interventions proposed in the SUMP. The Bank will also assist the municipality in improving its public transport, mobility management, and intelligent transportation systems.

The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over $12.4 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.


PRESS RELEASE NO: 2019/ECA/75

Contacts

Bucharest
Ana Catauta
0212010388
acatauta@worldbank.org
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