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July 26, 2021
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Romanian PM: Romania Will NOT Invest in a Russian Bank!

Romanian PM, Florin Citu, brings a new subject to public opinion in Romania. He criticized the memorandum signed by the former minister of Finance to increase the Romanian participation in the International Investment Bank. Precisely, Romania was ready to invest EUR 14.3 million in the bank, after in the past it invested other amounts to increase its participation.

Romania doesn’t have anything to get by participating in this bank. There are many question marks about the activity of this bank. As for me, I am surprised and unpleasantly surprised to see this memorandum signed by the former minister and forwarded to be approved by the Government. We should conduct an investigation to see who persuaded him that this is a good thing for Romania to invest millions in a Russian bank.

Romanian PM Florin Citu on the Romanian participation at the International Investment Bank

The International Investment Bank was established in 1970, with the participation of the countries from the socialist bloc. Namely, Bulgaria, Cuba, Czechoslovakia (currently the Czech Republic and Slovakia), Hungary, Mongolia, Romania, USSR (currently Russia), and Vietnam.

Romania’s participation in the bank reaches 6.8%. Other countries to participate in the bank are Russia (45.5%), Bulgaria (12.80%), Hungary (12.14%), Czech Republic (11.34%), Slovakia (6.52%), Cuba (1,63%), Vietnam (1,11%) and Mongolia (1,03%).

Romanian PM is known for his position against the International Investment Bank. In 2019, when he was a member of the Romanian Parliament, in Opposition, he criticized the minister of Finance at that moment for increasing Romania’s participation in the bank. He even accused the minister of being ‘a Russian spy’.

This time he is the PM and he is definitely opposing a similar move from his Government.

This subject comes only days after Romania announced it would sell its participation at KGOCOR in Krivoy Rog, another socialist-born initiative from the times when the region was dominated by the USSR. These are not only symbolic gestures, such as a break of the country with its communist past but economic decisions at the same time. How much will lose Romania after these decisions, only the future will tell.

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