Skip to Main Navigation

First Fiscal Effectiveness and Growth Development Policy Loan

Abstract*

The Fiscal Effectiveness and Growth Development Policy Loan (FEG-DPL) is the first of two loans in support of the Romanian government’s reform priorities. The government has requested Bank support for its efforts to enhance Romania’s growth potential by improving the efficiency and effectiveness of public resources and building up key markets. The FEG-DPL series is structured around two pillars: (i) strengthening fiscal management and state owned...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

Show More

Development Objective

This is the first of two development policy loans (DPLs) to support Romania’s goals of: (i) strengthening fiscal management (debt management and the quality of public spending) and SOE performance; and (ii) improving the functioning of property, energy, and capital markets. The proposed DPLs series is central to the Bank’s engagement in the areas of public finance, growth, energy, infrastructure, and capital market development, as described in the Country Partnership Strategy presented to the Board jointly with this operation.

Key Details

Project Details

  • P148957

  • Closed

  • Doerte Doemeland

  • Ministry of Public Finance

  • Romania

  • May 22, 2014

  • (as of board presentation)

    May 22, 2014

  • January 20, 2015

  • US$ 1034.80 million

  • Ministry of Public Finance

  • Europe and Central Asia

  • 2014

  • US$ 1034.80 million

  • N/A

  • Not Applicable

  • December 31, 2015

  • BANK APPROVED

  • March 4, 2021

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
International Bank for Reconstruction and Development 1034.80

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment 1034.80
IDA Commitment N/A
IBRD + IDA Commitment 1034.80
Lending Instrument
Grant Amount N/A
Total Project Cost** 1034.80

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

Download:
No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of June 30, 2025

Download:
No data available.
Period Financier Transaction Type Amount (US$)
May 22, 2014 IBRD-83820 Loan Commitment 1,034,800,000.00
Nov 15, 2017 IBRD-83820 Int Charges 11,461,972.00
Nov 15, 2023 IBRD-83820 Int Charges 10,512,855.00
May 15, 2024 IBRD-83820 Int Charges 10,473,188.00
May 15, 2021 IBRD-83820 Int Charges 11,720,779.00
Nov 15, 2021 IBRD-83820 Int Charges 11,078,842.00
May 15, 2022 IBRD-83820 Int Charges 10,050,390.00
Nov 15, 2022 IBRD-83820 Int Charges 10,073,610.00
May 15, 2018 IBRD-83820 Int Charges 11,530,665.00
Nov 15, 2018 IBRD-83820 Int Charges 10,945,811.00
May 15, 2019 IBRD-83820 Int Charges 10,832,130.00
Nov 15, 2019 IBRD-83820 Int Charges 10,673,944.00
May 15, 2020 IBRD-83820 Int Charges 10,458,191.00
Nov 15, 2020 IBRD-83820 Int Charges 11,433,915.00
Jun 23, 2015 IBRD-83820 Loan Disb 841,537,470.00
Jun 23, 2015 IBRD-83820 Loan Disb -841,537,470.00
Jun 23, 2015 IBRD-83820 Loan Disb 841,537,470.00
Jun 23, 2015 IBRD-83820 Loan Disb -841,537,470.00
Jan 29, 2015 IBRD-83820 Fee Charges 2,120,906.20
Nov 15, 2015 IBRD-83820 Int Charges 79,572.56
Nov 15, 2015 IBRD-83820 Int Charges 8,235,086.00
Jun 17, 2015 IBRD-83820 Loan Disb 843,900,030.00
Nov 15, 2015 IBRD-83820 Int Charges 79,572.56
Nov 15, 2015 IBRD-83820 Int Charges 8,235,086.00
Nov 15, 2015 IBRD-83820 Int Charges -79,572.56
Nov 15, 2015 IBRD-83820 Int Charges -8,235,086.00
May 15, 2016 IBRD-83820 Int Charges 10,976,771.00
Nov 15, 2016 IBRD-83820 Int Charges 10,415,621.00
May 15, 2017 IBRD-83820 Int Charges 10,612,991.00
May 15, 2023 IBRD-83820 Int Charges 10,525,916.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Monitoring and Evaluation Satisfactory 2018-12-14
Overall Implementation Progress (IP) Moderately Satisfactory 2018-12-14
Program Management Satisfactory 2018-12-14
Progress towards achievement of PDO Moderately Satisfactory 2018-12-14

COMPLETION RATINGS

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 01-14-2019
OutcomesModerately Unsatisfactory
Risk to Development OutcomeSubstantial
Bank PerformanceModerately Satisfactory
Borrower PerformanceModerately Unsatisfactory
Government PerformanceModerately Unsatisfactory
Implementing AgencyModerately Satisfactory

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: 05-08-2020PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingModerately Unsatisfactory N/a
Risk To Development OutcomeSubstantialN/a
Bank PerformanceModerately SatisfactoryN/a
Borrower PerformanceModerately UnsatisfactoryN/a
Government PerformanceModerately UnsatisfactoryN/a
Implementing AgencyModerately SatisfactoryN/a
Icr QualityHighN/a
M&e QualityModestN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • SOEs receiving unqualified audit opinionValue8.0063.0020.00
    DateDecember 31, 2013December 30, 2016December 31, 2016
    Comment
  • SOEs reporting after IFRsValue5.0026.0020.00
    DateDecember 31, 2013December 29, 2017December 31, 2016
    Comment
  • Share of total budgets of pilot ministries presented by programs linked to and informed by results indicatorsValue0.000.0050.00
    DateJanuary 31, 2014June 29, 2018December 31, 2016
    Comment
  • Coverage of urban real state registrationValue39.0057.3049.00
    DateDecember 31, 2013December 29, 2017December 31, 2016
    Comment
  • International trade in electricity, exports plus imports (TWh)Value2.69.34
    DateDecember 31, 2012December 29, 2017December 31, 2016
    Comment
  • Average maturity of domestic debtValue2.706.003.70
    DateDecember 31, 2013June 29, 2018December 31, 2016
    Comment
  • Average time to complete significant projects (after the completion, restructuring, cancellation of ongoing projects and approval of new projects)Value12.000.008.00
    DateDecember 31, 2013December 31, 2016
    Comment
  • Coverage of the poorest 20 percent of the population by the MSIP during the January to March seasonValue62.000.0070.00
    DateDecember 31, 2012December 31, 2016
    Comment
  • Electricity contracted for the same-year delivery on the OPCOM market (TWh)Value38.3117.745
    DateDecember 31, 2013December 29, 2017December 31, 2016
    Comment
  • Number of capital market procedures streamlinedValue0.0035.0018.00
    DateDecember 31, 2013December 29, 2017December 31, 2016
    Comment
  • Amount of natural gas traded at centralized platforms (million cubic meterValue05.92
    DateDecember 31, 2013December 29, 2017December 30, 2016
    Comment