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September 27, 2022

Expecting year-end EU funding absorption rate in excess of 35 pc

Romania’s European funding absorption rate will be in excess of 35 percent at the end of the year, Minister for European Funds Eugen Teodorovici on Friday told a press conference in Brasov, Agerpres informs. ‘Our target this year is to bring EUR 2.5 bln into the country. This objective is met for sure right this October because EUR 650 M will flow in by the end of the month, plus half a billion euros by the end of the year, so that at year-end the absorption rate should be 35 percent. Romania’s current uptake rate is of approximately 24.3 percent. This is still a very low level because we should not forget that there have been system deficiencies for years in the past. The European Commission identified these shortcomings in the system, and they were very well highlighted in the audit reports, there were major deficiencies in the public system and also with projects, for which we keep on paying financial corrections. They are quite significant, almost one billion euros, that is about 5 percent of Romania’s total financial allocation for the current financial framework,’ said the Minister of European Funds.

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