Romania’s Government approved a new state support scheme for developing small and medium enterprises (SMEs).

The scheme’s budget is some EUR 200 million for four years (2017-2020). Beneficiaries can get up to EUR 1.11 million financing from the state within this program, which is called “Scale Up”. The Government estimates that some 200 companies will benefit from this program.

“We want Scale Up to become a scheme that helps entrepreneurs make the necessary investments in their companies and help companies grow stronger and, most of all, expand on international markets,” said economy minister Costin Borc.

The Economy Ministry is in charge of implementing this support scheme, which should help create new jobs, increase state revenues, and also bring foreign investments and new investments to less favored areas.

Some EUR 60 million of the scheme’s budget will be equally allotted to three pilot areas, namely Valea Jiului, Rosia Montana, and the marginalized communities in Moldova.

editor@romania-insider.com