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Giant project in Bucharest’s poorest district: WB to support the construction of 40,000 apartments and a technology park

The World Bank Office in Romania and District 5 City Hall of the Municipality of Bucharest signed today a reimbursable advisory service (RAS) agreement – a form of technical assistance – to support the implementation of urban development solutions that will boost growth and improve the quality of life in District 5, as a press release informs.

Although is located in the most developed economic area of Romania, District 5 is home to the largest marginalized community in the country.

“Our partnership with District 5 is an exciting engagement at the local level”, said Tatiana Proskuryakova, World Bank Country Manager for Romania and Hungary. “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.”

WB will provide technical assistance to District 5 City Hall over a period of three years. The focus of this support will be to help the District fully capitalize on its geographic and economic location to advance stronger growth.

According to local authorities, a new neighborhood will be built on a land of 110 hectares in the Antiaeriana area, with 40,000 housing units, a maternity hospital, a multi-purpose gym, a swimming pool, a museum, an administrative center, educational units and all the functions necessary for urban development in the 21st century, a technology park to attract investors, given the proximity of the Extreme-Light Infrastructure – Nuclear Physics (ELI-NP) project in Magurele.

“Antiaeriana Urban Development is the biggest project 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 city”, said Daniel Florea, Mayor of District 5, Municipality of Bucharest.

WB support will target two main areas: strengthening capital investment planning and management with a focus on prioritizing a list of investment projects, developing and executing a multi-annual investment program and strengthening the financial sustainability of the district; improving municipal asset management and urban regeneration by providing urban redevelopment solutions for Antiaeriana area and the South-East area of the district.

In addition, support will be provided in the implementation of practical urban solutions for Ferentari neighborhood, with a focus on enhancing the quality of housing, social services, infrastructure and employment opportunities for residents.

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