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World Bank signs new Country Partnership Framework with Romania

The World Bank Group's Board of Executive Directors endorsed a new five-year Country Partnership Framework (CPF) for Romania that will prioritize investments in people, support for vibrant private sector development and stronger preparedness in the face of natural disasters and climate change.

2018-06-20 10:18:04

The strategy is selective in its approach to tackle Romania's ongoing challenges and aims to address key issues affecting inclusive and sustainable growth.

Romania's economic growth has been one of the highest in the European Union since 2010, with an average growth rate of 2.8 percent during 2010-2017, but despite 11 years of membership in the EU infrastructure is in a poor state, constraining investment and productivity in sectors such as manufacturing, agriculture and tourism. The private sector, while dynamic, is small, with limited access to finance, particularly for Micro, Small and Medium Enterprises. Most worryingly, despite strong growth, average incomes have not converged with the EU, poverty reduction has been lackluster, and social and regional divides are substantial and widening. Over a quarter of Romania's population lives on less than US$ 5.50 a day, the highest poverty rate in the EU.

"Stronger and more efficient public institutions are at the very heart of sustaining Romania's long-term growth," said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. "Eradicating poverty and ensuring greater and shared prosperity for all Romanians will necessitate more and smarter investments in education, a modern health system and better jobs. Our Country Partnership Framework for 2018-23 will support critical areas to enable Romania to fully capitalize on its tremendous potential and ensure that no one is left behind."

The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over 13.6 billion USD in loans, guarantees and grants in all sectors of the Romanian economy.



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