The World Bank Office in Romania and the city of Braşov have signed 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 for Braşov residents.
Braşov, in the heart of Transylvania, is a popular tourist city and a place with tremendous economic potential which faces the challenge of ensuring effective planning, prioritisation, design and execution of capital investments to generate better economic outcomes for its constituents.
“I am pleased to be in Braşov to sign what is a very innovative and promising engagement – working directly with cities in Romania,” said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. “Braşov is an attractive urban area and we want to make sure it fully exploits its many economic and geographic advantages to be a bright spot of economic growth and development on Romania’s map.”
The World Bank will provide technical assistance to the Municipality of Braşov over a period of three years. The focus of this support will be to help Braşov leverage its strategic location and potential to re-energise its development model and spearhead innovation.
World Bank support will target three main areas:
Strengthening capital investment planning and management with a focus on supporting improvements in project planning and delivery, financial health of the municipality, and development of a multi-annual investment program;
Improving municipal asset management and urban regeneration by identifying underutilised assets that could be repositioned to advance the city’s policy goals. In addition, support will be provided in the adoption of international best practices in urban development, as well as in addressing the rehabilitation of old-style neighborhoods;
Enhancing the competitiveness of the metropolitan area with a focus on building local capacity to sustain an effective public-private dialogue to advance the city’s development priorities, and create the Innovative Braşov model, including piloting low-cost, innovative solutions at the city level.
The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over 13.6 billion US dollars in loans, guarantees and grants in all sectors of the Romanian economy.