Romania’s new concept for EU funds to private firms: first come, first served

Romania will implement a one of a kind model for the absorption of EU funds and will apply the principle “first come, first served”, said Romania’s minister for European Funds, Eugen Teodorovici, quoted by Agerpres. The system will have strict but simple rules and will be implemented online. The minister said that unlike in the past, the companies that will get the required number of points for their financing documentation will sign the financing contracts with the state right away, even if the period for submitting financing requests is not over. He added that the state will take more risks, rather than put pressure on private companies, in order not to increase costs for these. Romania will benefit from European funds totaling EUR 43 billion between 2014 and 2020, of which EUR 22 billion will be cohesion funds. Romania manages to get only a quarter of allotted EU funds between 2007-2013 period, lowest absorption rate in CEE editor@romania-insider.com