Ministry of Finance and the World Bank sign financing agreement for the management of natural disasters

The Minister of Finance, Marcel-Ioan Boloș, and the director of the World Bank Group for European Union countries, Anna Akhalkatsi, signed the financing agreement between Romania and IBRD, related to the second loan for development policies regarding disaster risk management, with an option to postponement of the draw until the occurrence of a catastrophe (CAT-DDO), in the amount of 466.9 million euros. It is the first financing agreement signed within the new Partnership.

The agreement marks the first chapter in the new Country Partnership and will ensure the strengthening of disaster financing arrangements. The disaster risk management loan, with an option to postpone drawing until the occurrence of a catastrophe (CAT DDO), will allow strengthening the viability of financing arrangements for unforeseen situations in the event of disasters.

“It is an important moment for Romania. We have recently witnessed the destruction caused by floods, which have affected homes, infrastructure and, finally, the lives of citizens. Well, today we signed a funding agreement that helps us do exactly that, to strengthen our ability to respond to urgent funding needs and protect vulnerable communities. The financing, which comes with the option to use the money only in the event of a catastrophe (CAT DDO), part of the new Country Partnership Framework, will allow strengthening the viability of financing arrangements for unforeseen situations in the event of disasters”, said the minister of Finance, Marcel Boloș.