Romania has failed to use EUR 940 million worth of European funds, which is a great loss for the rural areas, said Agriculture Minister Achim Irimescu.

The money could have been used to reduce the gap with the European Union, he added, reports local Agerpres.

Also, Romania recorded losses and corrections of EUR 344 million. In total, the country failed to use EUR 1.24 billion.

Romania’s total penalties amount to EUR 628 million, Irimescu said.

The absorption rate of the 2007-2013 Rural Development National Program reached 88.3%, which is more than the overall absorption rate for all EU funded programs.

The country failed to attract all funds due to the lack of co-financing and bureaucracy, the minister added.

editor@romania-insider.com