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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romania signs EUR 15 mln loan contract under Recovery and Resilience Facility

Romania’s Ministry of Finance on November 27 sealed the Loan Agreement for the EUR 15 bln loan extended by the European Commission to the country under the Recovery and Resilience Facility.

Besides the EUR 15 bln loan, the country will also receive EUR 14 bln in grants under the same Facility.

The loan will be used to finance the state budget deficit and to refinance public debt based on budget expenditures made for the reforms provided for in the Recovery and Resilience Plan (PNRR).

The amounts will be made available in 10 instalments, based on the fulfilment by the Romanian side of the milestones and targets provided in the reforms and investments associated with the loan.

Each disbursement, including pre-financing, will have a 30-year tenant from the date drawn, of which a grace period of 10 years. Reimbursement will be made in equal instalments for the remaining period until maturity.

The 13% pre-financing (EUR 1.94 bln) will be disbursed after the Loan Agreement comes into force - which is, after the Ministry of Finance and the Ministry of Investments and European Projects sign a protocol that will establish the rights and obligations of the parties in applying the provisions of the Loan Agreement, including monitoring the achievement of milestones and targets and reporting required by the European Commission, minister of finance Adrian Caciu declared.

andrei@romania-insider.com

(Photo source: Shutterstock)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romania signs EUR 15 mln loan contract under Recovery and Resilience Facility

Romania’s Ministry of Finance on November 27 sealed the Loan Agreement for the EUR 15 bln loan extended by the European Commission to the country under the Recovery and Resilience Facility.

Besides the EUR 15 bln loan, the country will also receive EUR 14 bln in grants under the same Facility.

The loan will be used to finance the state budget deficit and to refinance public debt based on budget expenditures made for the reforms provided for in the Recovery and Resilience Plan (PNRR).

The amounts will be made available in 10 instalments, based on the fulfilment by the Romanian side of the milestones and targets provided in the reforms and investments associated with the loan.

Each disbursement, including pre-financing, will have a 30-year tenant from the date drawn, of which a grace period of 10 years. Reimbursement will be made in equal instalments for the remaining period until maturity.

The 13% pre-financing (EUR 1.94 bln) will be disbursed after the Loan Agreement comes into force - which is, after the Ministry of Finance and the Ministry of Investments and European Projects sign a protocol that will establish the rights and obligations of the parties in applying the provisions of the Loan Agreement, including monitoring the achievement of milestones and targets and reporting required by the European Commission, minister of finance Adrian Caciu declared.

andrei@romania-insider.com

(Photo source: Shutterstock)

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