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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

PM Citu to block Romania's supplementary capital contribution to IIB

Romanian Liberal prime minister Florin Citu announced that Romania would no longer participate in the International Investment Bank (IIB) capital increase, claiming that the country "has nothing to gain from this."

"There are several things we are looking at. We will start to look at who decided that it is good for Romania to invest millions of euros in a Russian bank," PM Citu stated, according to Hotnews.ro.

Florin Citu has previously criticised IIB, when he was in opposition. In an attack directed rather against the dismissed minister of finance Alexandru Nazare (than against IIB), the PM now touched upon the IIB capitalisation issue and reiterated his past accusations.

IIB is a multilateral development institution set up during the communist regime and revitalised after the fall of communism with its headquarters recently moved from Moscow to Budapest.

Former minister Nazare, in response, said that Romania's supplementary capital contribution was already endorsed by the Government following all legal procedures (including consultations with foreign partners), and the Government of PM Citu could have cancelled the deal last year.

Nazare, a member of the Liberal party himself, defended the role played by IIB in Romania. "Romania is the most important beneficiary of IIB financing, with a share of 20% in the value of active investments," he said, quoted by News.ro.

Romania (with 6.89% of shares) is currently the fifth-largest shareholder of this bank, after Russia (46.03%), Bulgaria (12.95%), Hungary (12.27%), and the Czech Republic (11.47%), the other shareholders being Slovakia (6.59%), Cuba (1.64%), the Socialist Republic of Vietnam (1.13%) and Mongolia (1.04%).

andrei@romania-insider.com

(Photo source: Gov.ro)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

PM Citu to block Romania's supplementary capital contribution to IIB

Romanian Liberal prime minister Florin Citu announced that Romania would no longer participate in the International Investment Bank (IIB) capital increase, claiming that the country "has nothing to gain from this."

"There are several things we are looking at. We will start to look at who decided that it is good for Romania to invest millions of euros in a Russian bank," PM Citu stated, according to Hotnews.ro.

Florin Citu has previously criticised IIB, when he was in opposition. In an attack directed rather against the dismissed minister of finance Alexandru Nazare (than against IIB), the PM now touched upon the IIB capitalisation issue and reiterated his past accusations.

IIB is a multilateral development institution set up during the communist regime and revitalised after the fall of communism with its headquarters recently moved from Moscow to Budapest.

Former minister Nazare, in response, said that Romania's supplementary capital contribution was already endorsed by the Government following all legal procedures (including consultations with foreign partners), and the Government of PM Citu could have cancelled the deal last year.

Nazare, a member of the Liberal party himself, defended the role played by IIB in Romania. "Romania is the most important beneficiary of IIB financing, with a share of 20% in the value of active investments," he said, quoted by News.ro.

Romania (with 6.89% of shares) is currently the fifth-largest shareholder of this bank, after Russia (46.03%), Bulgaria (12.95%), Hungary (12.27%), and the Czech Republic (11.47%), the other shareholders being Slovakia (6.59%), Cuba (1.64%), the Socialist Republic of Vietnam (1.13%) and Mongolia (1.04%).

andrei@romania-insider.com

(Photo source: Gov.ro)

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