(16 Jul 1998) Romanian/Nat
The International Finance Corporation has agreed to invest 10 (m) million in a Romanian commercial bank.
The formal signing was held in the United States and was attended by the Romanian President Emil Constantinescu.
At another ceremony in U-S capital, President Emil Constantinescu was presented a democracy medal.
It was all smiles at the signing ceremony in Washington D-C.
The Romanian President Emil Constantinescu was warmly greeted by the president of the World Bank, James D. Wolfensohn.
The International Finance Corporation is to invest 10 (m) million U-S dollars in Banc Post S.A.
Banc Post S.A is a commercial bank that is slated to become Romania's first state-owned bank to be privatized.
It was created in 1991 to take over Romania's Postal System's banking and payment transactions.
It is hoped that the privatisation will encourage the modernisation of the Romanian banking system.
The loan will be convertible into equity of the bank when it is privatised.
Earlier in the day, the Romanian president was given the democracy medal at a ceremony in Washington D-C.
He acknowledged that rebuilding his country's economy has been more difficult than Romanian leaders have anticipated.
SOUNDBITE: (Romanian)
"I thank you once again for the honour that you have bestowed upon me. I would like to take this opportunity to tell you that we in Romania are committed to democracy. Like you say in the U-S, think positive, I like that slogan as we, Romanians and our friends in the United States continue to look to the future with hope."
SUPER CAPTION: Romanian President Emil Constantinescu
After communist dictator Nicolae Ceausescu was overthrown and executed in 1989, subsequent Romanian governments established free speech and encouraged a market economy.
But the nation still suffers from corruption, political infighting and delays in privatising state-owned enterprises.
While at Capitol Hill, Constantinescu also met with senators over lunch.
He is scheduled to meet U-S President Clinton on Thursday.
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