"The World Bank has made available one billion Euros last week by opening a funding line as part of the World Bank's participation in the precautionary agreement signed with the IMF, but the money will not be withdrawn", Francois Rantrua said, according to Agerpres.
World Bank sources have stated that the official endorsement letter to the Romanian Government was sent January 10, when the one billion Euros were made available from Romania.
On May 16, 2012, the Government approved the Memorandum according to which WB would provide for Romania a precautionary funding line of one billion Euros.
The amounts drawn by Romania from this line of credit are "to cover any possible deficits or any other needs under the management of the Ministry of Finance," Prime Minister Victor Ponta stated back then.
The agreement is precautionary one for a period of three years and Romania pays interest only if it accesses the line.