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Bucharest
October 17, 2021
BUSINESS

EU sending money in advance for European projects

The European Parliament approved at the end of last week the hiking of EU co-financing for regional development projects financed from the European Regional Development Fund (FEDR) and the European Social Fund (ESF), projects implemented in several member states, including Romania.

The new regulations adopted entail a temporary 10 per cent hike in the contribution to European projects. Thus, while Romania’s co-financing for such a project previously stood at 15 per cent of the total sum, that level will fall down to 5 per cent, the remaining 95 per cent set to be covered by the European Union. The formalities will be handled by the Ministry of European Affairs. European Affairs Minister Leonard Orban explained for ‘Evenimentul Zilei’ that the main effect that this decision will have on Romanian projects mainly consist of hiking the rate of absorption of European funds earmarked through structural instruments. “However, we will have to prepare the coming into force of these measures,” he added. “Starting this week we will hold informal meetings with the European Commission representatives in order to prepare the request to hike the EU’s co-financing rate by 10 percentage points, so that when the decision is approved and published in the EU’s official gazette we will be able to immediately issue the request in order for the first funds to enter the national budget this year.”

The measure will be applicable from January 1, 2010 to May 2012. More precisely, the requests will concern expenditures that were reimbursed by the European Commission starting on January 1, 2010.

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