THE European Bank for Reconstruction and Development’s (EBRD) board of directors has approved a new strategy for Romania, which will guide the bank’s investment and policy engagement in the country during the next five years.

The EBRD work will include measures in response to the ongoing coronavirus crisis, and efforts towards economic recovery.

The European Union and European development banks want to step up to provide support in the region during the current economic crisis, partly to counter growing Chinese influence.

Given its geographical position, Romania is well placed to participate in the Belt & Road Initiative, notably because of its stretch of coast along the Black Sea. Romania wants to further develop the port of Constanta as an important gateway for freight moving between Asia and Europe.

The EBRD is a major investor in Romania and combines investments with support for reforms that help improve the business environment in the country and mobilize investment from other sources. To date, the EBRD has invested almost 8.7 billion euros in the Romanian economy.

In the period from 2020 to 2025, the EBRD’s investments and policy work will support sustainable infrastructure and regional development, increase productivity by helping private companies expand and improve workforce skills, and promote financial intermediation and further development of capital markets.

“The EBRD is well placed to support the modernization of the Romanian economy, including helping the country overcome the impact of coronavirus outbreak,” comments Mark Davis, EBRD regional director for Romania and Bulgaria. “We will channel investment into the areas where Romania needs the most support: building infrastructure, especially in the regions; boosting private sector productivity; and further developing the financial sector and capital markets.”