150 million Euro financing from World Bank to improve access to health services

The Minister of Finance, Alexandru Nazare, and the Country Director for Romania of the World Bank, Tatiana Proskuryakova, signed in Bucharest the Loan Agreement for additional financing, amounting to EUR 150 million, intended to support the project on health sector reform - improving the quality and efficiency of the health system.

This funding complements the initial loan of EUR 250 million from the World Bank, which is currently being implemented.

In addition to the objectives already started in the initial project, the additional funding will mainly ensure: modernization of the telemedicine system, improvement of the screening network for cervical cancer, purchase of equipment for burn centers and construction of the two burn centers within the Clinical Hospital Emergency Department for Children "Grigore Alexandrescu" and the Emergency Clinical Hospital Târgu-Mureș.

Through the objectives pursued, the project responds to the critical needs of the health system, mainly by strengthening health care in terms of treatment of severe burns, diagnosis and treatment of cancer, as well as emergency care and intensive care.

The project implementation agency is the Ministry of Health, and the deadline for its completion is December 31, 2024.

The loan will be repaid in a single installment on March 1, 2033 and is granted at a variable interest rate based on the EURIBOR rate plus the Bank's variable margin (the current indicative rate being 0.83%).

"The COVID-19 pandemic has put health systems around the world under enormous pressure and highlighted the need to increase the system's capacity to respond quickly and efficiently to new challenges and ensure its resilience, especially as medical needs are multiple and complex. As Minister of Finance, I will act in this direction and will give permanent priority to the health sector. The financial assistance signed today, together with the support and technical expertise provided by the World Bank in the health sector, is a step forward in our actions to ensure non-discriminatory access of citizens to health services based on best practices in the field. In addition to the investments already started in the initial project, this additional funding will ensure the modernization of the telemedicine system, the improvement of the cervical cancer screening network, the purchase of equipment for burn centers and the construction of the two burn centers within the Emergency Clinical Hospital for Children. "Grigore Alexandrescu" and "respectively of the Târgu-Mureș Emergency Clinical Hospital", said the Minister of Finance, Mr. Alexandru Nazare.

"Equal access to a high-quality medical system is crucial for Romania's sustainable development, and the well-being of all citizens should always be a priority," said Tatiana Proskuryakova, World Bank Country Director for Romania. Healthy living in Romania is among the lowest in the European Union for both men and women, while early deaths from preventable diseases and their complications often affect the poorest 40% of members of society. To this additional funding, we reiterate our support for the Romanian government to continue reforming the health system and to invest more and more effectively in addressing the critical challenges in this vital sector. ”