The EBRD will help Romania make better use of EU funds

Romania’s Government and the European Bank for Reconstruction and Development (EBRD) have signed a framework agreement supporting the country’s efforts to make the best use of funds allocated by the European Union for projects that aim to boost economic and social development in Romania. The document was signed in Bucharest, in the presence of Romanian Prime Minister Dacian Ciolos and EBRD President Sir Suma Chakrabarti, who has made a visit to Romania. Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, and Emanoil Dascalu, Secretary of State at the Ministry for European Funds signed the document. According to this agreement, the EBRD will use its international experience to support sector reforms and help advance Romania’s priorities in several important areas. These areas include infrastructure, sustainable energy, and public services, support for attracting private resources and for introducing innovative financing mechanisms. “The Romanian authorities will benefit from the EBRD’s expertise in ensuring that EU structural funds are used in an effective and efficient way so that they can deliver growth,” said Matteo Patrone. “The EBRD stands ready to transfer its know-how in designing and implementing sustainable, commercially viable projects with an impact on the economic transformation of countries. The aim is to reinforce Romania’s capacity to absorb EU funds, advance key reforms, maximize results, and stimulate growth,” he added. The EBRD will support Romania in drafting sector policies and strategies as well as designing and implementing priority projects. Alongside the European Investment Bank and the World Bank, which have signed similar agreements, the EBRD will strengthen the capacity of the Romanian authorities to make full and effective use of EU Structural and Investment Funds in the 2014-2020 programming period. Romania has EUR 30.6 billion worth of funds allotted to it by the European Commission in the 2014-2020 budgeting period. The biggest sums will be invested in large infrastructure projects, regional development, rural development, and human capital development. EBRD President: Infrastructure is Romania’s big weak spot European Investment Bank offers Romania support on EU funds editor@romania-insider.com