The European Bank for Reconstruction and Development (EBRD) has signed a memorandum with the Friends of the National Museum of Art of Romania Association, a non-governmental organisation assisting Romania’s most important art museum, which is based in Bucharest.
The memorandum of understanding was signed today in the Romanian capital by EBRD President Suma Chakrabarti and Ana Maria Mihaescu, President of the Friends of the National Museum of Art of Romania Association.
According to a statement released by the institution, the partnership will focus on enhancing the value of Romania’s cultural assets and promoting them in the country and abroad.
To this purpose, the EBRD will attract expertise from the Smithsonian Institution and the United Nations World Tourism Organization. This will allow the institution to better support the museum in broadening access, revitalising cultural awareness, and strengthening its collections and its own brand.
The agreement is part of the EBRD’s new initiative on cultural heritage-led investment. The initiative aims to promote an integrated, participative and sustainable business model for the use of cultural heritage resources as drivers for economic growth. Under the initiative, the Bank is planning to finance projects linked to cultural heritage sites, contributing to the development of cultural heritage tourism, as well as assisting with product and value-chain development.
To date, the EBRD has invested close to EUR 8 billion in Romania in more than 400 projects. In 2017 alone, it invested EUR550 million in the country.
Of this financing, over EUR 500 million was provided to the private sector, the highest level seen in the past seven years.