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August 8, 2022

Gov’t adopts GEO on approving the Program “Invest in Yourself”

In the Thursday’s meeting, the Government has adopted an Emergency Ordinance by which it approved the Program “Invest in Yourself”, according to the Government’s Spokesman Nelu Barbu.

“Today, in the Government’s meeting, the Program ‘Invest in Yourself’ has been adopted. (…) It is a program aiming to contribute to the increase of the workforce in those areas of the country in which there is lack of qualifications in several fields” stated Nelu Barbu at the Victoria Palace.

According to the Government’s Spokesman, the beneficiaries of the program are, first of all, the young people aged between 16 and 26 who are included in the educational system or who follow specialized courses authorized by the Education Ministry the Labor Ministry.

“Through this program, they have access to financing consisting of a loan whose maximum value is RON 40,000, which is guaranteed by the state in amount of 80%. If the beneficiary is an employee or if he or she will become an employee during the program period, that person can benefit, in addition (…) from RON 20,000” Barbu explained.

He mentioned that people aged from 26 to 55 can also benefit from this program if they are included in the educational system or if they follow any professional reconversion courses. “The difference is that they can benefit from a loan of RON 35,000 and an additional amount of RON 20,000, too, if the person in question is an employee or will become an employee during the program period. The beneficiary guarantees 20% of the amount if he or she is an employee. If the person is not an employee, he or she must be accompanied by a co-debtor for this difference of 20%” Nelu Barbu stated.

According to the Government’s Spokesman, the loan will be granted as a loan with multiple drawings, according to the invoices submitted for settlement or the direct payment of the supplier based on the proforma invoice, and the maximum period for which the loan is granted is 10 years, including the grace period, which can be up to 5 years. “The financer is obliged to grant this        grace period which is equal to the duration of the studies, but not more than 5 years” Nelu Barbu said.

According to him, the eligible expenditures are from various fields: education, culture, health, sports, home improvement.

“The annual ceiling of the guarantees, the modality and the conditions for granting the loan, the eligibility conditions of the credit institutions and of the non-banking financial institutions and of the individuals who are beneficiaries of the program, as well as the rules for the management of the guarantees, will be established by Government’s Decision, which will be drafted by the National Commission for Strategy and Prognosis and the Ministry of Public Finance, and of course will be subject to Government’s approval. We are actually talking about the rules for the implementation of this Emergency Ordinance, which was adopted today by the Romanian Government” Nelu Barbu mentioned.

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