World Bank to support Bucharest's largest urban development for decades

World Bank to support Bucharest's largest urban development for decades

The development project in Bucharest's 5th district will include the renewal of some of the Romanian capital's poorest areas such as Ferentari (pictured). / Tiia Monto

By bne IntelliNews March 21, 2018

The authorities of the 5th district in Romania’s capital Bucharest announced the signing of an agreement with the World Bank for the financing of the largest urban development (including the urban renewal of poor areas) seen by Romania’s capital in recent decades.

Some 40,000 new housing units will be developed and poor neighbourhoods will be subject to urban renewal.

The new 110 hectare neighbourhood will also have a maternity hospital, a multipurpose hall, a swimming pool, a museum, an administrative centre, educational units and all the functions necessary for urban development in the 21st century, the city hall’s press release reads.

The 5th district includes central areas and boasts rich neighbourhoods and the world-renowned People’s House, but also the poorest neighbourhoods in Bucharest (Ferentari and Zabrauti). It is located close to Magurele, where the European project Extreme-Light Infrastructure - Nuclear Physics (ELI-NP) is being developed. Part of the project is actually aimed at developing a high-tech hub located the neighbourhood of the ELI-NP.

“It is the first project of its kind that has been developed in Romania over the past 30 years, and for such a big project we could not hope for a better partner than the World Bank," said Daniel Florea, mayor of the 5th district.

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