World Bank to advise Bucharest District 5 in enhancing opportunities for investors and citizens

Anca Alexe 21/03/2018 | 16:39

The World Bank office in Romania and the District 5 City Hall in Bucharest have signed a reimbursable advisory service (RAS) agreement, a form of technical assistance aiming to support the implementation of urban development solutions that will boost growth and improve the quality of life in District 5.

The WB will provide technical assistance to District 5 City Hall over a period of three years.

District 5 is home to the largest marginalised community in the country and faces the challenge of ensuring effective planning, prioritisation, design and execution of capital investments to generate better economic outcomes for its constituents.

Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary, said: “Our partnership with District 5 is an exciting engagement at the local level. Through targeted interventions and analysis of the district’s challenges and assets we will support the local administration in advancing urban development solutions that can benefit residents and investors.”

Daniel Florea, Mayor of District 5, stated: “Antiaeriana Urban Development is the biggest project of its kind developed in Romania in the last 30 years and, for such an important project to succeed, I could not have hoped for a better partner than the World Bank. In the forthcoming period, District 5 will become the main pole of economic growth at the level of the capital.”

WB’s support will target two main areas: strengthening capital investment planning and management with a focus on prioritising a list of investment projects, developing and executing a multi-annual investment programme and strengthening the financial sustainability of the District; and improving municipal asset management and urban regeneration by providing urban redevelopment solutions. In addition, support will be provided in the implementation of practical urban solutions for the Ferentari neighborhood, with a focus on enhancing the quality of housing, social services, infrastructure and employment opportunities for residents.

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