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Gov't approves accession of EC loan worth rd EUR 14.94 billion

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 The government approved, in its Wednesday meeting, the emergency ordinance that will allow access to the loan worth rd EUR 14.94 billion granted by the European Commission under the Recovery and Resilience Facility.

According to a press release of the Executive, the emergency ordinance adopted by the Government provides for the approval of the Loan Agreement (Recovery and Resilience Facility) between the European Commission and Romania, signed in Bucharest on November 26, 2021 and in Brussels on December 15, 2021.

The quoted source mentions that Romania benefits through the National Recovery and Resilience Plan (NRRP) of about EUR 29.18 billion, of which about EUR 14.24 billion grant and about EUR 14.94 billion loan.

"The European Commission will make available a pre-financing of 13 pct of the loan (about EUR 1.94 billion), after the entry into force of the Agreement. The loan will be used to finance the state budget deficit and the refinancing of the government public debt, to the extent of the budgetary expenditures incurred for the implementation of the reforms/investments provided for in the NRRP and, respectively, the fulfillment of the milestones and the targets associated with the loan. The loan availability period is December 31, 2026. The amounts of the loan will be made available in 10 tranches," the release said.

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