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European Commission wires 1.94 billion euro into Finance Ministry account

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The European Commission has wired 1.942 billion euro to the account of the Finance Ministry (FM) open at the National Bank of Romania (BNR), the sum representing pre-financing worth 13 percent of the loan of approximately 14.94 billion euro contracted by Romania as part of the Recovery and Resilience Facility, the Finance Ministry announced on Thursday.

"On January 13, 2022, with the entry into force of the Loan Agreement [the Recovery and Resilience Facility] between the European Commission and Romania, the sum afferent to the pre-financing in the loan component will be wired, totaling 1,942,479,890 euro, representing 13 percent of the total loan value. This amount comes to complete the first tranche of the pre-financing, on the grant component, paid by the European Commission on December 2, 2021, worth 1.85 billion euro. Thus, up to this moment, a total sum of 3.79 billion euro was granted to Romania, since the moment of approval and start of implementation of the PNRR [National Recovery and Resilience Plan] on November 3, 2021," the quoted source mentions.

The sum for the implementation of the PNRR is 29,181,842,750 euro. Romania has requested non-returnable financial support worth 14,239,689,750 euro and loans of 14,942,153,000 euro as part of the Recovery and Resilience Facility. All of these represent 13.09 percent of the GDP reported in 2019.

The plan contains 171 measures, of which 64 reforms and 107 investments, structured around six pillars and 15 components.

The main objectives of the plan are to accomplish the green transition and the digital transition, consolidating, at the same time, medical assistance, education, social cohesion and inclusion. 

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