A Partnership with Constanta to Advance the Vision of a Smart and Competitive City

Stocks and Financial Services Press Releases Tuesday October 10, 2017 08:26
CONSTANTA--10 Oct--World Bank

CONSTAN?A, October 9, 2017 - The representatives of the World Bank Office in Romania and the city of Constan?a signed today a reimbursable service agreement (RAS) – a form of technical assistance - to support the municipality in the implementation of international best practices in urban development.

Constan?a is an important engine of growth in Romania. Its strategic location and relatively good infrastructure have the potential to attract major investments, but capitalizing on its advantages will require effective planning, prioritization, design and execution of capital investments with a focus on improving the quality of life, and boosting economic growth and performance.

"Our partnership with the city of Constan?a is a great example of local ownership and leadership in pressing forward with the goal of rethinking the atttractiveness of an important urban area", said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. "By bringing in international expertise and tailoring solutions to Constan?a's needs we aim to support the city's goal of becoming an important trade and investment pole in Romania. We are hoping that Constan?a's example can inspire other cities across the country in rethinking their urban development paradigm."

The World Bank will provide technical assistance to the municipality of Constan?a over a period of three years. The focus of this support will be to make Constan?a a smarter, more attractive and more competitive destination for investors and potential residents.

"Constanta is committed to approach in an integrated manner the need for investment attraction and functional urban development", said Decebal F?g?d?u, Mayor of the Municipality of Constanta. "Constanta is among only a few urban areas in the world to work directly with the World Bank. By accessing tailored technical assistance solutions, the city has a unique opportunity to capitalize on its potential to become more competitive and more attractive for people, businesses and tourism."

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 underutilized 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 developing a competitiveness profile for the Constan?a Metropolitan area, assessing the municipality's trade performance to build its export potential and supporting the city's efforts to promote and facilitate investments.

The World Bank opened its office in Romania in 1991. Since then, the Bank has provided over US$13.6 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.

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