Bucharest loses EU funds of over EUR 27 mln for road underpass, hospital, and touristic circuit

Three large infrastructure projects in Bucharest will lose over EUR 27 million worth of European funds because they can’t be finished by the end of this year. These includethe road underpass at Piata Sudului, the Foisor hospital, and a touristic circuit on the Floreasca and Tei lakes. The three projects were to be financed with EU funds for the 2007-2013 programming period. The payments for this period end on December 31, 2015. All projects that receive money from the 2007-2013 financing period need to be completed by the end of the year. Otherwise, they lose the funding. Other three of Bucharest’s projects will fail to get EU funds worth of EUR 1.7 million because the City Hall hasn’t completed them in due time. These include the restoration of the Arcul de Triumf, a triumphal arch located in the northern part of Bucharest, the restoration of the Astronomical Observatory Vasile Urseanu, and the equipping of the children hospital Victor Gomoiu. The Bucharest City Hall had received EU financing for eight projects from the 2007-2013 Regional Operational Programme. The total value of these projects amounts to EUR 69.4 million. Over 42 million of these represent non-reimbursable EU funds. The deadline to complete the eight projects is December 31, 2015. Romania’s Government hopes to reach a 70% EU funds absorption rate European Investment Bank offers Romania support on EU funds editor@romania-insider.com