Bucharest, November 7, 2022 – The World Bank Group (WBG) and Romania celebrated 30 years of partnership in a high-level event with representatives from central and local government, development partners, private sector, academia, civil society and other key stakeholders. Guided by the twin objectives of reducing poverty and boosting shared prosperity, the WBG’s diverse program has supported key sectors of the Romanian economy and society, with a view to increase living standards and opportunities for each citizen in a more equal and sustainable way.
Anna Bjerde, World Bank Vice President for Europe and Central Asia, visited Romania to mark this important milestone. At the event, she was joined by high-level officials representing the Government, including the Prime Minister of Romania, Nicolae Ciucă, as well as the Presidential Administration, the Parliament and the National Bank of Romania, and by senior WBG management formed by Rana Karadsheh, Regional Director of the International Finance Corporation (IFC), Olga Sclovscaia, Regional Head of Europe and Central Asia of the Multilateral Investment Guarantee Agency (MIGA), and Gallina A. Vincelette, World Bank Country Director for the European Union (EU), and Anna Akhalkatsi, World Bank Country Manager for Romania and Hungary.
“Romania’s development over the past three decades has been impressive,” said Anna Bjerde, World Bank Vice President for Europe and Central Asia. “While more still needs to be done, the World Bank Group commends the efforts of all of our counterparts and partners across the public and private sectors that have contributed to steering Romania towards transformative economic growth, one of the highest in the EU. Poverty and inequality also declined significantly and are expected to continue this downward trend.”
Since opening its Office in Romania in 1991, the World Bank provided investments and policy reforms support through 73 operations amounting to US$13,42 billion, complemented by advisory services and analytics, while IFC has invested approximately US$4.5 billion in the development of Romania’s private sector. During these years, the World Bank program focused on helping the Romanian Government stabilize its economy in the early 1990s, lay the foundations for EU membership in the years leading to 2007 accession, and achieve faster convergence and a more inclusive growth in Romania in the decade that followed. More recently, support targeted Romania’s post-pandemic recovery to ensure resilient, inclusive and green growth, and the country’s response to challenges posed by the Ukraine war. The WBG’s ongoing program is guided by the Country Partnership Framework for FY2019-2023 and is focused on strengthening public institutions in order to (i) ensure equal opportunities for all, (ii) catalyze private sector growth and competitiveness, and (iii) build resilience to shocks.
“The World Bank Group is committed to further supporting Romania in achieving its development objectives, by shifting to a more sustainable and greener economic model that builds on stronger public institutions, thriving private sector, and a more resilient and inclusive society,” said Gallina A. Vincelette, World Bank Country Director for the EU.
The World Bank Group’s partnership with Romania dates back to 1972, when the country became a member of the International Bank for Reconstruction and Development (The World Bank). Romania joined the International Centre for Settlement of Investment Disputes in 1974, IFC in 1991, MIGA in 1992 and the International Development Agency in 2014.