Programe derulate de Banca

European pentru Reconstructie si

Dezvoltare n Romnia


nfiinat n 1991, Banca European pentru Reconstrucie i Dezvoltare (BERD) folosete
investiiile pentru a susine dezvoltarea economiei de pia i a democraiei n 27 de ri, din
Europa Central pna n Asia Central.
BERD este deinut de 61 de ri i de dou instituii interguvernamentale. Cu toate c acionarii
si aparin sectorului de stat, BERD investete mai ales n sectorul privat, de regul mpreun cu
ali parteneri comerciali.
BERD ofer finanri de proiecte pentru bnci, ntreprinderi industriale i comerciale, adresndu-
se att noilor iniiative ct i companiilor deja existente. De asemenea, colaboreaz i cu societi
din sectorul public pentru a sprijini privatizarea acestora, restructurarea ntreprinderilor de stat i
mbuntirea serviciilor municipale sau comunale.


Banca Europeana pentru Reconstrucie i Dezvoltare state membre
Membri finanatori
Membri beneficiari ai investiiilor
Mandatul BERD stipuleaz c aceasta trebuie s colaboreze numai cu ri care respect
principiile democratice. Acordul de infiinare a BERD impune promovarea dezvoltrii durabile i
ecologice ca parte integrant a tuturor activitailor sale.
Erik Berglof este economist-ef al BERD.
Albania Australia Austria
Armenia Belgia Canada
Azerbaidjan Cipru Danemarca
Belarus Egipt Israel
Bosnia i Heregovina Finlanda Frana
Bulgaria Germania Grecia
Croaia Islanda Irlanda
Republica Ceh Italia Japonia
Estonia Luxemburg Malta
Georgia Norvegia Portugalia
Ungaria Maroc Olanda
Kazahstan Regatul Unit Statele Unite ale Americii
Republica Krgz Coreea de Sud Mexic
Republica Macedonia Noua Zeeland Spania
Republica Moldova Suedia Elveia
Mongolia


Muntenegru


Polonia


Romnia


Rusia

Serbia

Repubica Slovac

Slovenia

Tadjikistan

Turcia

Turkmenistan

Ucraina

Uzbekistan

Membri finanatori, instituii ale Uniunii Europene:
Comunitatea European
Banca European de Investiii

Condiii de acordare a finanrii BERD
Finanrile BERD pentru proiecte aparinnd sectorului privat fluctueaz ntre 5 milioane i
250 milioane, sub form de mprumuturi sau de participaii la capitalul social. Cifra medie a
investiiilor BERD este de 25 milioane.

Proiectele de proporii mai mici pot fi finanate prin intermediari financiari sau prin programe
speciale care se adreseaza investiiilor de dimensiuni reduse n rile mai puin dezvoltate.

Criterii
Pentru a fi admisibil pentru o finanare, proiectul trebuie s satisfac urmatoarele condiii:
- s fie situat ntr-una din rile n care BERD opereaz
- s aib bune perspective comerciale
- s aib un aport de capital n numerar sau n natura din partea sponsorului proiectului
- s fie util pentru economia local i pentru dezvoltarea sectorului privat
- s satisfac criteriile financiare i ecologice existente.

Structura proiectelor
BERD adapteaz fiecare proiect n funcie de nevoile clienilor i de situaia specific a rii,
regiunii i sectorului n cauz. De regul BERD finaneaz maxim 35 la sut din costul total al
unui proiect care pleac de la zero sau 35 la sut din capitalizarea pe termen lung a societaii
responsabile de realizarea proiectului. Sponsorii trebuie sa contribuie cu un aport de capital
semnificativ, cel puin egal cu investiia BERD.

Este de asemenea necesar asigurarea unor surse suplimentare de finanare, din partea
sponsorilor, a altor co-finanatori sau obinute prin intermediul programului de mprumut
sindicalizat oferit de BERD.

Sectoare sprijinite
Finanrile BERD acoper marea majoritate a sectoarelor economice.

Cteva exemple:
- ntreprinderile agricole
- eficientizarea energetic
- instituiile financiare
- sectorul de producie
- infrastructurile municipale sau comunale i infrastructurile de mediu
- resursele naturale
- energia
- turismul
- telecomunicaiile, tehnologia informaiei i mass-media
- transportul.
Organizare
Principalul su organism de conducere este Consiliul guvernatorilor, format dintr-un
reprezentant - de regul ministrul de finane - pentru fiecare stat membru. Consiliul
guvernatorilor deleag majoritatea atribuiilor de conducere Consiliului directorilor, care
stabilete orientarea strategic a BERD. Consiliul guvernatorilor alege un preedinte al bncii,
care este reprezentantul legal al acesteia. Preedintele are sarcina de a administra activitatea
BERD sub ndrumarea Consiliului directorilor.
Preedintele Bncii Europene pentru Reconstrucie i Dezvoltare este Jean Lemierre, numit n
aceast funcie pe 3 iulie 2000.
Presedini ai BERD
aprilie 1991 iunie 1993: Jacques Attali
septembrie 1993 ianuarie 1998: Jacques de Larosire
septembrie 1998 aprilie 2000: Horst Kohler
iulie 2000 prezent: Jean Lemierre
Adresa sediului central
One Exchange Square
London EC2A 2JN
United Kingdom

Proiecte

BERD finantaza proiecte in 29 de tari acoperind o gama larga de sectoare de afaceri. Ca urmare a
angajamentului de a respecta cele mai inalte standarde de transparenta si informare aceasta realizeaza
o documentare amanuntita a proiectelor angajate aceste informatii fiind disponibile publicului larg prin
intermediul internetului, mass-mediei si presei.
We finance projects in 29 countries and across a broad range of business sectors. Our work is
carefully documented and project information is made publicly available via a number of
resources, as part of our commitment to the highest standards of transparency and disclosure.
Types of information available
Case studies are non-technical profiles of selected recent EBRD projects in action.
Project Summary Documents are summaries of technical data about individual projects.
Environmental Impact Assessments are technical summaries relating to projects and their
environmental context.
Helping small businesses in Romania
New EBRD finance for Romanias Banca Transilvania will allow continued lending to SMEs at a
time when credit has tightened
Noua finantare acordata de BERD pentru Banca Transilvania ofera posibilitatea continuarii
finantarii IMM-urilor intr-o perioda in care creditarea a fost in restrangere
Feeling the pinch
Small businesses in Romania are feeling the pinch, caught between cash-strapped buyers and
more cautious banks.
IMM-urile din Romania se afla intr-o situatie dificila aflandu-se intre ciocan si nicovala,
respectiv intre bancile precaute care nu mai ofera imprumuturi si cumparatorii care nu mai
dispun de lichiditati. Criza economica mondiala a obligat multe intreprinderi sa renunte la
planurile de extindere a afacerii si chiar sa recurga la disponibilizari. In acelasi timp Banca
Transilvania a continuat sa imprumute IMM-urile.
In 2008 borrowing by Romanias small and medium-sized enterprises (SMEs) fell after
commercial banks withdrew their long-term debt financing. The global financial crisis forced
many small businesses to shelve expansion plans and even cut jobs. But Banca Transilvania
continued to do what it does best: lending to small businesses.
EBRDs support
Acest lucru a fost posibil datorita unui imprumut de 100 milioane de euro contractat de la BERD.
De acesta au beneficiat peste 7,500 de client ai Bancii Transilvania.
This was possible thanks to a 100 million loan from the EBRD. Over 7,500 of Banca
Transilvanias SME clients stand to benefit.
Banca Transilvania a fost infiintata in anul 1993 prin aportul a 40 de intreprinzatori locali.
Aceasta a devenit treptat cea mai mare banca privata cu capital local oferindu-si serviciile unui
numar de 1,3 milioane de clienti din care 125,000 sunt intreprinderi mici din toate domeniile de
activitate.
Established in 1993 by 40 local entrepreneurs, Banca Transilvania is now the largest private
locally owned bank in Romania with more than 1.3 million clients, of which 125,000 are small
businesses ranging from farmers to food distributors.
Our approach
BERD detine 15 % din capitalul Banca Transilvania fiind cel mai mare actionar al acesteia
(actionar minoritar majoritar). BERD
The EBRD owns 15 per cent of Banca Transilvania and is its largest shareholder. Since 2002 the
EBRD has supported the banks activities by lending just over 90 million in equity and debt to
finance SME credit lines, mortgages, syndicated loans, an energy efficiency facility and,
recently, a rural financing facility.





Relaia cu Banca European pentru Reconstrucie i Dezvoltare (BERD)

Romnia a ratificat Acordul de nfiinare a BERD n anul 1990, ca unul dintre membrii fondatori
ai acestei instituii. Capitalul subscris i vrsat de Romnia are valoarea de 96 milioane euro,
respectiv 9 600 aciuni.
Consiliul Guvernatorilor Bncii este alctuit din reprezentani ai tuturor statelor membre.
Ministrul Economiei i Finanelor este guvernator pentru Romnia, iar guvernatorul Bncii
Naionale este guvernator supleant.
Constituena din care face parte ara noastr include Armenia, Georgia, Moldova i Ucraina.
Cea mai recent Strategie de ar pentru Romnia a fost aprobat n decembrie 2005 pentru o
perioad de doi ani, n aprilie 2008 urmnd s fie aprobat cea pentru perioada urmtoare.
Romnia se situeaz pe locul al treilea n rndul rilor de operare din punct de vedere al
volumului finanrii (dup Federaia Rus, Polonia locul doi).
Din 1991, cnd BERD a devenit operaional, i pn la 31 decembrie 2007, BERD a acordat
Romniei un sprijin financiar n sum cumulat de 3,54 miliarde euro, nregistrndu-se 248 de
tranzacii semnate, din care 65% s-au ndreptat ctre sectorul privat, 75% au fost mprumuturi i
25% investiii de capital. n perioada ultimei Strategii de ar pentru Romnia (decembrie 2005 -
decembrie 2007) volumul de afaceri a crescut cu 601 milioane euro, n cadrul a 58 proiecte noi,
ceea ce nseamn o cretere de 22%. Pe parcursul anului 2007 au fost semnate 29 proiecte
reprezentnd un volum de afaceri anual de 336 milioane euro.
Link: http://www.bnr.ro/Relatia-cu-Banca-Europeana-pentru-Reconstructie-si-Dezvoltare-%28BERD%29-
1449.aspx

BERD sustine finantarea intreprinderilor mici si mijlocii din Romania
Author(s): Bojana Todorovska
Date: 05 August 2010
Linie de credit de 20 milioane EUR acordata Millennium Bank Romania pentru creditarea
economiei reale
BERD creste disponibilitatea finantarii economiei reale din Romania printr-o linie de credit in
valoare de 20 milioane EUR, acordata Millennium Bank pentru finantarea intreprinderilor mici si
mijlocii (IMM). Fondurile vor fi folosite pentru finantarea proiectelor de investitii pe termen
mediu si acordarea de credite pe termen scurt - inclusiv credite pentru capital de lucru reutilizabil
i facilitati de tip descoperit de cont.
Millennium Bank Romania, parte a Millennium bcp, cel mai important grup financiar privat din
Portugalia, este o banca universala ce ofera o gama larga de servicii persoanelor fizice si
companiilor. De la lansarea sa in 2007, ca operatiune greenfield, Millennium Bank Romania a
cunoscut o dezvoltare sustinuta extinzandu-si reteaua la 74 de unitati in intreaga tara.
Imprumutul BERD, acordat in cadrul Facilitatii de Finantare UE/BERD pentru IMM-uri*, va
sustine creditarea sectorului intreprinderilor mici si mijlocii din Romania, intr-o perioada in care
accesul la finantare este limitat. Linia de credit va fi completata cu grant-uri UE, incluzand
fonduri destinate asistentei tehnice pentru implementarea facilitatii si atragerea unui numar cat
mai mare de IMM-uri.
Aceasta tranzactie va oferi o finantare suplimentara firmelor mici si mijlocii din Romania,
sustinand dezvoltarea lor intr-un moment in care accesul la finantare ramane limitat. Linia de
credit acordata de BERD va creste competitia in sectorul bancar si va incuraja activitatea de
creditare, a afirmat Jean-Marc Peterschmitt, Directorul BERD pentru Institutii Financiare.
Acordul cu BERD are o importanta strategica pentru Millennium Bank Romania. Aceasta
facilitate reprezinta o sursa suplimentara de finantare pe care o vom pune la dispozitia clientilor
nostri si confirma angajamentul nostru de a sprijini dezvoltarea creditarii IMM-urilor din
Romania, a declarat Jose Toscano, directorul general al Millennium Bank Romania.
Aceasta este prima tranzactie dintre BERD si Millennium Bank Romania, in contextul mai larg
al colaborrii dintre BERD si Millennium bcp, grupul portughez din care face parte Millennium
Bank Romania.
*Facilitatea de Finantare UE/BERD pentru IMM-uri este un program comun dezvoltat de catre
Comisia Europeana si BERD, care sustine dezvoltarea intreprinzatorilor prin facilitarea accesului
la finantare. Pana in prezent, in cadrul acestei facilitati, BERD a oferit finantari in valoare totala
de 1.209,2 milioane EUR, sustinute de grant-uri puse la dispozitie de catre Comisia Europeana
prin Programul Phare in valoare de 180,75 milioane EUR. Programul Phare este principalul
canal de cooperare financiara si tehnica pentru tarile care acced la UE. Pentru informatii
suplimentare, accesati: http://europa.eu.int/comm/enlargement .
De la inceputul activitatii sale in Romania, BERD a investit peste 4,7 miliarde EUR in peste 270
de proiecte, ceea ce a atras investitii suplimentare in valoare de 8,3 miliarde EUR.
Millennium Bank, parte a celui mai important grup financiar privat din Portugalia, Millennium
bcp, are o retea teritoriala care acopera toate regiunile Romaniei si ofera un portfoliu vast de
produse pentru companii. Pentru mai multe informatii, va rugam sa vizitati site-ul Millennium
Bank: www.millenniumbank.ro.
BERD sustine cel mai mare producator de aluminiu din Europa Centrala
Author(s): Ina Coretchi
Date: 06 August 2010
180 milioane dolari, pachet de refinantare acordat companiei Alro pentru imbunatatirea calitatii
produselor si a eficientei energetice
BERD acorda un imprumut sindicalizat de refinantare de 180 milioane dolari companiei Alro, un
important producator de aluminium din Europa. Acest imprumut va ajuta Alro sa se concentreze
pe producerea de produse cu valoare adaugata ridicata si pe imbunatatirea eficientei energetice.
Alro, companie listata la Bursa de Valori Bucuresti, numarand peste 3.300 de angajati, este una
dintre cele mai mari companii industriale romanesti. Pachetul majoritar de actiuni este detinut de
catre Vimetco NV, companie integrata vertical, producatoare de aluminiu i produse procesate
din aluminiu.
Pachetul de finantare este structurat sub forma unui imprumut de tip A/B, prin care BERD va
acorda 75 milioane dolari, in timp ce diferenta de 105 milioane dolari este sindicalizata catre
banci comerciale.
Imprumutul va refinanta datoria actuala a companiei, ajutand la consolidarea si restructurea
acesteia pe termen lung. Acest proiect va imbunatati fluxul de numerar al companiei, sprijinind
astfel Alro sa-si finanteze programul de investitii.
Imbunatatirea eficienei energetice, unul dintre obiectivele principale ale investiiei, va conduce
la reducerea emisiilor de carbon cu zece la sut.
Prin intermediul acestui proiect, BERD sustine una dintre cele mai importante companii din
sectorul privat romanesc, ajutand compania sa se concentreze pe produsele cu valoare adaugata
ridicata si pe imbunatatirea eficientei energetice, a declarat Claudia Pendred, Director BERD
pentru Romania.
Acordul de refinatare semnat cu BERD ofera companiei o baza buna pentru continuarea
strategiei de dezvoltare, consolidand, de asemenea, structura financiara, a declarat Marian
Nastase, Vice-Presedinte al Consiliului de Administratie al Alro. Suntem incantati de rezultatele
negocierilor, deoarece reprezinta o recunoastere a stabilitatii companiei, a potentialului de
crestere si a soliditatii programului implementat pentru depasirea crizei internationale. Suntem
hotarati sa continuam strategia noastra pe termen lung de integrare verticala si concentrare pe
produse cu valoare adaugata mare.
De la inceputul activitatii sale in Romania, BERD a investit peste 4,7 miliarde euro in peste 270
de proiecte, ceea ce a atras investitii suplimentare in valoare de peste 8,3 miliarde euro.
Despre Alro
Alro este o subsidiar a Vimetco N.V., companie global de aluminiu primar i procesat,
integrat pe vertical. Alro este cel mai mare productor de aluminiu din Europa Central i de
Est, avnd o capacitate de producie instalat de 265.000 tpa.

Principalele piee de desfacere pentru produsele Alro sunt Uniunea European (Ungaria,
Polonia, Grecia, Germania i Romnia). Compania are exporturi n Statele Unite i Asia.
Combinatul este certificat cu ISO 9001 pentru managementul calitii i are certificatele
NADCAP i EN 9001 pentru unitile de producie pentru industria aerospaial, produsele sale
respectnd standardele de calitate pentru aluminiul primar ale Bursei de Metale din Londra
(London Metals Exchange LME), precum i standardele internaionale pentru produsele
laminate plate.



Country data
Population:
21.5 million
Area:
238,000 sq km
Capital:
Bucharest
Currency:
Romanian leu

Key developments and challenges
Mediul de afaceri romanesc s-a aflat in impas la declansarea crizei economice, acest lucru
accentueaza necesitatea modificarilor pe piata muncii si implementarea de reforme fiscale
respectiv simplificarea procedurilor de licentiere.
The environment for doing business has proven to be very difficult during the crisis, highlighting
the need to push ahead with labour market and fiscal reforms and the removal of excessive
licensing procedures.
Dezvoltarea infrastructurii este o prioritate majora pentru Romania, cu toate acestea au aparut
numeroase obstacole care au impiedicat implenetarea de proiecte de infrastructura. Autoritatile
trebuie sa sporeasca randamentul tehnic si administrativ al sectorului public in vedea absorbtiei
de fonduri europene disponibile pentru proiecte de infrastructura.
Infrastructure development is a major priority for the country but further delays have occurred
over the past year. The authorities need to increase technical and administrative capacities in
the public sector in order to boost the absorption of available EU funds and increase financial
resources for infrastructure projects.
Acordul stand-by incheiat cu FMI presupune angajamentul Guvernului de a implementa un
program riguros de politica fiscala ce include reducerea semnificativa a cheltuielilor bugetare.
Cu toate ca aceste masuri pot duce, pe termen scurt, la o presiune ridicata asupra puterii de
cumparare, pe termen lung ele vor crea conditiile pentru revenirea la o dezvoltare economica
durabila.
The International Monetary Fund (IMF) stand-by arrangement (SBA) includes a commitment by
the government to implement a stringent fiscal consolidation programme, including significant
reductions in current spending. Although these measures may depress domestic demand in the
short term, they are necessary to create the conditions for a return to sustainable growth.

http://www.ebrd.com/pages/country/romania.shtml




Romania country assessment
This page in PDF (57KB - PDF)
Key developments and challenges

.
2007 2008
2009
estimated
2010
projected
GDP growth 6.3 7.3 -7.1 -2.0
Inflation (end year) 6.7 6.4 4.7 7.9
Government balance/GDP -2.5 -5.4 -7.4 -6.8
Current account balance/GDP -9.8 -11.9 -4.5 -5.1
Net FDI (in million US$) 7049 9310 6128 4674
External debt/GDP 34.4 35.9 48.8 na
Gross reserves/GDP 14.9 13.0 14.3 na
Credit to private sector/GDP 34.7 37.6 40.0 na
Macroeconomic performance
Economia romaneasca face eforturi sa inlature efectele crizei dupa caderea PIB real de mai mult
de 7 procente in 2009. Creditarea in sectorul privat a scazut dramatic de-a lungul anului 2009 si
ulterior in ianuarie 2010. Productia industriala contractata din decembrie 2009 februarie 2010
publicata recent indica o scadere in al doilea trimestru in 2010 (circa 0,3 la suta ). Rata de schimb
a ramas relativ stabila in 2010 iar rata oficiala a dobanzii relativ scazuta.
The Romanian economy is struggling to recover from the effects of the crisis after a fall
in real GDP of more than 7.0 per cent in 2009. Private sector credit slowed dramatically
throughout 2009 and has subsequently recorded negative year-on-year growth rates since
January 2010. Industrial production contracted from December 2009 to February 2010
but recently published GDP figures indicate a tentative bottoming out in the second
quarter of 2010 (0.3 per cent quarter-on-quarter growth seasonally adjusted). The
exchange rate has been stable this year and official interest rates remain relatively low.


The governments crisis response programme is anchored by the SBA signed in March
2009. As a result of the deteriorated economic outlook, the IMF review mission in May
2010 agreed to raise the budget deficit target in 2010 to 6.8 per cent of GDP (on a cash
basis). To achieve even this revised target, the government committed to a 25 per cent cut
in public sector wages, a 15 per cent cut in most social benefits, as well as to a 5
percentage point increase in VAT in July. In March 2010, the parliament further
approved the new law on fiscal responsibility, aimed at improving medium-term fiscal
planning, and the establishment of a Fiscal Council is currently under way. The central
bank cut its key policy rate by another 25 basis points in May 2010 to 6.25 per cent and
kept it at that rate as of August, in spite of rising inflationary pressure stemming from the
VAT hike.

Real GDP is likely to decline in 2010 by about 2 per cent. Domestic demand is expected
to recover only slowly while public sector wages contract and external demand is likely
to remain weak, in line with the slow recovery in the eurozone. Credit growth to the
private sector is expected to be limited in the short term. The main risk is that the political
will to implement fiscal consolidation falters, especially if the recovery expected in 2011
is slower than anticipated.
Close
Structural reform
As an EU member since 2007 Romania faces transition challenges that are mostly
classified as small or medium in most sectors. Some of the biggest challenges lie in the
infrastructure and energy sectors. The quality of the road network is well below typical
EU standards, and although concession legislation is in place, no public-private
partnership project has yet been effectively implemented. In the energy sector state-
owned enterprises still dominate electricity generation and competition is limited. The
banking sector survived the negative fallout from the financial crisis and is reasonably
well capitalised. However, financing for small and medium-sized enterprises (SMEs) is
limited outside of the main urban areas and capital markets are underdeveloped.
Close
Recent developments
According to the European Commission (EC) the country needs to strengthen
substantially its technical and administrative capacities in order to effectively absorb EU
structural and regional funds. It has noted that Romanias absorption of these funds for
the period 2007-13 is of a low level even though it is now halfway through the funding
period. The IMF has also raised concerns about Romanias poor absorption capacity of
funds that could be used to alleviate the impact of the global downturn on the economy.

Romania has made progress in law enforcement, reforming the judiciary and in the fight
against corruption, but significant shortcomings remain according to the latest EC
assessment on progress under the Cooperation and Verification Mechanism, published in
July 2010. The report notes that the reform momentum has decelerated and the authorities
lack a clear commitment to a comprehensive reform programme. In particular, the report
criticises recent amendments to the law on the National Integrity Agency (ANI), a pre-
condition for accession in 2007, on the grounds that they reduce the transparency of
financial and economic interests of public officials.

Although the government has made the upgrade of the countrys road network a priority,
progress has been limited and there have been delays in the completion of some
important projects. For example, the construction of a second bridge over the Danube
between Bulgaria and Romania has been delayed and is now not expected to be
completed before the end of 2011, while the concession for the Comarnic-Brasov
highway was annulled in April 2010.

The development of a new nuclear power generator is at the core of Romanias energy
strategy. Expansion of the nuclear power plant at Cernavoda is scheduled for 2011, and is
intended to double nuclear powers share of total energy consumption to 36 per cent by
2016-17. The renewed plans by the government to combine all state-owned electricity
utilities into two national champions, Hidroenergetica and Electra, have been delayed.
The proposal is currently being reviewed by the antitrust body, reflecting concerns by
many over the possible negative effects on competition if the plans go ahead. The
government has indicated that it envisages gradually reducing subsidies for the coal
mining sector at the end of 2010 and developing an exit strategy.

The banking system has successfully weathered the worst effects of the economic crisis.
In September 2010, the level of exposure of subsidiaries of foreign-owned parent banks
have committed to under the Vienna Initiative was eased to 95 per cent compared with
end-March 2009 levels. The initiative has proven successful in Romania; parent banks
provided additional capital to banks throughout 2009-10 and the capital adequacy ratio of
all subsidiaries has remained above 10 per cent.

In June 2010 the government approved a bill proposed by the antitrust and consumer
protection body, ANPC, to eliminate fees currently applying to early repayment or
termination of bank loans with interest rates linked to money market indicators. The new
law should increase competition in the Romanian banking sector and brings the
legislation into line with EU law.

The pension system is also undergoing reform. A pension reform law, approved by
parliament in September 2010, introduces a uniform pension scheme for civil servants,
gradually harmonises the retirement age for men and women, and links benefits to
inflation rather than increases in salaries. However, the law was returned to parliament by
the President in early October.
Close
Structural reform priorities

o The key overall reform priority in the coming years is to make further improvements to
the investment climate to create the conditions for a resumption of sustainable growth.
Therefore, heightened efforts are needed to remove red tape and licensing problems,
which are cited as constraints by enterprises in business climate surveys.
o In the energy sector, further clarity is needed regarding the governments long-term
plans. A decision is needed soon regarding the governments intentions to create two
nationally integrated power companies, and whether another solution more favourable
for private investment will be adopted. Without such clarity, much-needed investment
is unlikely to be available for the power sector.
o Domestic capital markets are also in need of further development, including those in
local currency, which is an important consideration given that adoption of the euro is
some years away.
Close


http://www.ebrd.com/pages/research/publications/flagships/transition/romania.shtml




interesant :P
http://www.ebrd.com/pages/research/publications/flagships/transition.shtml


Sectors
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and investments in existing companies. Our clients come from an array of different business
sectors and our commitment to core principles of transparency and sustainability underscores all
of our projects.

Agribusiness
The EBRD is the single biggest investor in this sector in much of our region.

Climate Change Finance
We are dedicated to projects that promote greener energy and energy efficiency.

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Financial Institutions
The EBRD promotes development of robust financial sectors.

Legal Reform
Our programme creates investor-friendly, transparent legal environments.

Manufacturing and services
Our work in this sector covers heavy/light industry and processing/production of goods.

Municipal Infrastructure
We seek to improve municipal services in our countries of operations.

Natural Resources
The Bank finances a range of natural resources industries.

Nuclear safety
The EBRD assists in the safe treatment of waste and power plants.

Power and Energy
We are the most active bank in the power sector in much of our region.

Property and Tourism
The Bank is a key player in the property markets of eastern Europe.

Telecoms
Our telecoms team supports information technology, media and telecommunications
projects.

Transport
The EBRD aims to build efficient, reliable and secure transport systems.
At a glance
In some sectors, such as Agribusiness, we're the region's biggest single investor
$358 million was invested in manufacturing in 2008
Promoting sustainable energy is a key strategic focus
We are a key contributor in regional nuclear safety enterprises
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Agribusiness
We're one of the region's biggest agribusiness investors.

Financial Institutions
The EBRD promotes development of robust financial sectors.

MEI
We seek to improve municipal services in our countries of operations.

Natural Resources
The Bank finances a range of natural resource industries.
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Procurement
Project finance
Another panel, featuring Mihaly Bayer, Hungarian Ministry of Foreign Affairs, Mariana Gheorghe, CEO of
Petrom; Riccardo Puliti, EBRD and Wolfgang Ruttenstorfer, OMB focused on Energy Security which
sparked a lively debate on economic competition in the energy field, feasible financing for pipeline
projects and related human rights issues.