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Thursday, 12 January 2023

Prime Minister Nicolae-Ionel Ciucă met with Alfonso Garcia Mora, the IFC's Vice President for Europe, Latin America & Caribbean in the World Bank Group (WBG)

Prime Minister Nicolae-Ionel Ciucă's meeting with Alfonso Garcia Mora, Vice President of the International Financial Corporation(IFC)


Prime Minister Nicolae-Ionel Ciucă met, at the Victoria Palace, with Alfonso Garcia Mora, vice-president of the International Financial Corporation(IFC).

Member of the World Bank Group specializing in financing the private sector, IFC developed in Romania, the largest volume of investments in the region, placing our country among the top ten beneficiaries globally.

On this occasion, the prime minister thanked the World Bank for the support extended to our country in economic and social development, making an important contribution to the results achieved last year, despite the multiple crises it went through.

"Under the analyzes carried out at the government level, investments played a key role in the recorded economic growth. This encourages us to continue, alongside our partners, to bolster both public and private investments. Romania’s advantages include energy resources, a well-trained workforce, and an investor-friendly approach at the level of the Government. Our country globally ranks under Harvard surveys, 19th  in the top of the most complex and sophisticated economies, and we can climb to the top 10 by 2030", stated Prime Minister Nicolae-Ionel Ciucă.

The European funds exceeding a record-high of 11 billion euros last year, alongside the more than 80 billion euros available to Romania until 2029, represent an essential development resource whose beneficial impact can be enhanced by the financial instruments offered by IFC, which has already invested over 4.7 billion dollars in our country. The main areas in which the IFC, a member of the World Bank Group, is interested in developing investments pertain to infrastructure, energy transition, and bridging development gaps between regions.

To accelerate the pace of investments and implicitly of economic development, the IFC representative expressed the willingness to offer the best practices and mechanisms for capitalizing on the public-private partnership, following successful models applied in other developed countries. At the same time, the need to provide financing to Romanian companies that need capital to expand their businesses was highlighted.

Prime Minister Nicolae-Ionel Ciucă highlighted Romania's engagement in global efforts to support Ukraine following the outbreak of Russian military aggression, including in terms of securing supply chains and using the national infrastructure to facilitate the export of grain or other products from Ukraine. In addition to the modernization, restoration, or expansion of transport networks in this context, the important role of Constanța Port has led to a concerted effort to capitalize on its potential. In this respect, the IFC is interested in contributing to this effect by accessing the global network of experts and economic actors to which it is connected, taking as a model the operation of the port of Singapore.

To boost the pace of attracting foreign investments in Romania, which, under BNR estimates, could exceed the record level of 11 billion euros for last year, the Romanian Investment and Foreign Trade Agency will be integrated into the joint effort of the Government and the IFC to accelerate the economic development of the country based on investments.

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