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September 28, 2021

Commissioner Corina Cretu meets Romanian Minister of European Funds, says financial instruments represent the future of cohesion funds

The European Commissioner for Regional Policies Corina Cretu highlighted the importance of using financial instruments in implementing regional development policy, in a meeting she had on Tuesday, in Brussels, with Romanian Minister of European Funds, Eugen Teodorovici, informs a release issued by the Commissioner’s cabinet.

‘Financial instruments represent the future of cohesion funds. With their help, we can do ten times more, with the same money. I expect Romania to understand this opportunity and to double the share of financial instruments in the period 2013 to 2020,’ Corina Cretu was quoted as saying by the release.

Also, the European commissioner recommended that Minister Eugen Teodorovici get involved actively in the works of the Task Force created to help the EU member states that experience absorption problems. ‘We are ready to do everything in our power to help you invest as much money as possible in the months left from the period 2007 to 2013, but we need you to meet us with the best and most efficient solutions to do this,’ said Corina Cretu.

One of the solutions for which the Commissioner has already voiced her support is retroactive financing of projects. ‘I want you to understand that it is a very great effort for the Commission to analyze and okay these projects in such a short time and that we do not encourage this practice in the future, but we have the goodwill to resort also to this last solution to help member states use as much of the remaining funds as possible. With all want to achieve the objectives jointly agreed upon between Romania and the Commission,’ she said.

According to Agerpres, at the end of the meeting, Corina Cretu encouraged Eugen Teodorovici to support the implementation of the Initiative for SMEs in Romania. ‘Romania has the chance to set an example also to other member states by implementing the Initiative for SMEs. I will write the Government in Bucharest and I will recommend that they provide their full support to this initiative,’ the European commissioner said.


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