The World Bank office in Romania and the Municipality of Braşov, a city in central Romania, have entered a technical assistance agreement for the implementation of urban development solutions expected to aid the city’s growth.

The World Bank will provide assistance over a period of three years to help the city “leverage its strategic location and potential to re-energize its development model and spearhead innovation.”

The support will cover the development of a multi-annual investment program; identifying underutilized assets that could be re-positioned to advance the city’s policy goals; the adoption of international best practices in urban development and addressing the rehabilitation of old-style neighborhoods; and enhancing the competitiveness of Braşov’s metropolitan area.

“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,” Tatiana Proskuryakova, World Bank country manager for Romania and Hungary, said.

Braşov is the third city in the country to sign such an agreement, after Constanţa and the District 5 of Bucharest, Economica.net reported.

Since opening its office in the country in 1991, the World Bank has provided over USD 13.6 billion in loans, guarantees and grants in all sectors of the Romanian economy.

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editor@romania-insider.com