Romania Takes Last Steps to Borrow EUR4B from EU for Covid Crisis Protection

Romania's president Klaus Iohannis on Monday signed off on a loan agreement allowing Romania to borrow EUR4 billion from the European Union to protect citizens affected by the Covid-19 crisis.

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The agreement was signed in Bucharest on October 8, 2020 and in Brussels on October 19, 2020.

Romania will use the money to pay furlough and other aid schemes, as well as bonuses for health workers.

The loan may be drawn in maximum eight installments and has an average maturity of 15 years.

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