Bank joins efforts with Friends of National Museum of Art of Romania
The EBRD, a leading institutional investor in Romania, is joining forces with the Friends of the National Museum of Art of Romania Association, a non-governmental organisation assisting Romania’s most important art museum.
The cooperation was formalised in a memorandum of understanding signed today in Bucharest by Suma Chakrabarti, EBRD President, and Ana Maria Mihaescu, President of the Friends of the National Museum of Art of Romania Association.
The partnership will focus on enhancing the value of Romania’s cultural assets and promoting them in the country and abroad.
The EBRD will attract expertise from the Smithsonian Institution and the United Nations World Tourism Organization to support the museum in broadening access, revitalising cultural awareness, and strengthening its collections and its own brand.
Today’s agreement is part of the EBRD’s new initiative on cultural heritage-led investment. It aims to promote an integrated, participative and sustainable business model for the use of cultural heritage resources as drivers for economic growth. Under the initiative, the Bank is planning to finance projects linked to cultural heritage sites, contributing to the development of cultural heritage tourism, as well as assisting with product and value-chain development.
To date, the EBRD has invested close to €8 billion in Romania in more than 400 projects. In 2017 alone, it invested €550 million in the country.
Of this financing, over €500 million was provided to the private sector, the highest level seen in the past seven years.