With low EU funds absorption rate, Romania plans to set up EU funding Ministry

Romania wants to set up a new ministry to deal exclusively with European funding, according to Mediafax newswire. The Romanian Prime Minister Emil Boc is expected to come up with a proposal this week, after the clear attributions of the new ministry, as well as the number of employees it will have will be decided. The name of the new minister will also be announced. Romania has absorbed only 10 percent of the EU funding allotted for the country so far, and currently pays back to the EU more than it actually receives, mostly due to the lack of eligible projects that should receive EU funding and to the beaurocracy of the system. EUR 1.9 million have been disbursed for such projects until the end of 2010 in Romania, and the country only has until 2013 to receive EU funding. The final deadline for the absorption of EU funds is the end of 2015, as two extra years will be added for bill payments. So far, 25,000 projects have been submitted, worth a total of EUR 47 billion, according to data at the end of last year. editor@romania-insider.com (photo source: Sxc.hu)