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Romania Signs $50M Loan Agreement

July 6, 2001

BUCHAREST, Romania (AP) _ Romania and the World Bank signed a $50 million loan agreement Friday to support reform of the country’s labor and social security sectors.

Finance Minister Mihai Tanasescu, who signed the loan with Andrew Vorkink, the bank’s director for central and southeastern Europe, said it will help the government to alleviate poverty and develop the pension system.

Vorkink said the projects supported by the loan were expected to help some 100,000 jobless Romanians to attend retraining courses. It also will facilitate the creation of some 6,000 small businesses.

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