Completion of the works for seismic retrofitting and refurbishment of Wing C of Bucharest Academy of Economic Studies

November 28^th, 2007

Mr. Minister,
Mr. Rector,
Ladies and Gentlemen,

Let me start by saying that I am very pleased to participate at this ceremony here today, to mark the completion of the works for seismic retrofitting and refurbishment of this important academic institution. 

The works undertaken here were part of a larger project, “Hazard Risk Mitigation and Emergency Preparedness Project” for which the World Bank has provided a loan to the Government of Romania in the amount of 150 million USD.

The purpose of this complex project is to help the Romanian authorities to strengthen the institutional and technical capacity for emergency management and emergency response to natural disasters, increase earthquake risk mitigation and also reduce the risk of floods and landslides.

Bucharest remains Europe’s highest risk capital city and one of the 10 most vulnerable cities to seismic risk.  This made the Romanian authorities to decide prevention actions, like seismic retrofitting of public buildings such as hospitals, universities and public administration facilities, prior to a repeated major earthquake occurrence.  The World Bank is proud to be associated to this major project, the first in the region, and provide financial support to its implementation. 

You all are too young to have experienced it, but I am sure your parents have memories of the major earthquake of March 1977 and the damages and loss of human lives it has caused.  In recent years, there have also been two major earthquakes, in 1986 and 1990, although fortunately, they did not cause any loss of lives but merely some minor damages.  However, we need to remain alert to the risk and take action to mitigate it.

Selection of this building has a deeper significance – it means protecting the future of this country by providing safer education conditions and protecting the lives of the youth learning and working here.  I hope that the structural and non-structural works undertaken and completed to this building will provide you with more confidence in a safe educational environment for one of the most important academic institutions in Romania.

Finally, I want to congratulate and thank everyone involved in the completion of this task, and wish success to the students and teachers of this prestigious academic institution.

Thank you.