Romania borrowed 650 million dollars from the World Bank

The Executive Directors of the World Bank Group approved a loan of 650 million USD (544 million EUR) aimed at supporting the efforts of the Romanian Government to strengthen fiscal sustainability, stimulate private sector development, and create jobs. This funding will facilitate access to financing for small enterprises and promote cleaner and more energy-efficient industries. Romania is facing a high fiscal and current account deficit, and the Government has implemented a reform program to bring public finances back onto a sustainable trajectory.

Yasser El-Gammal, the Country Manager of the World Bank, highlighted Romania's progress in reducing deficits and lowering financing costs. The loan is structured on two pillars: restoring fiscal sustainability and stimulating economic growth by improving access to financing and supporting innovation. These measures are essential for job creation and inclusive economic development.