PM: Romanian Govt Wants EU Fund Absorption Rate Of At Least 20% In 2012

Romanian Prime Minister Emil Boc said Thursday the Government wants Romania to reach a European fund absorption rate of at least 20% in 2012, as the money attracted will help the country’s economy.

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Boc added that one of the Government's priorities is the improvement of EU fund absorption. He highlighted that Romania needs money for investments.

Speaking at the conference Mediafax Talks about European Funds last week, Minister for European Affairs Leonard Orban said his target is a EU fund absorption rate of at least 20% by 2012. He pointed out that Romania stands to lose several billion euros in 2013 if it fails to meet this target.

The country has so far spent about EUR716 million in European cohesion funds, which means a 3.7% absorption rate, said Orban.

Romania has two years to attract EUR16.6 billion in European funds, as it has so far absorbed only EUR2.6 billion of the EUR19.2 billion allotted by the European Union for 2007-2013.

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