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Romania President Criticizes Country’s Failure To Use EU Funds

Romanian President Traian Basescu criticized in his address to Parliament Wednesday the country’s poor absorption of European Union funds to modernize transport infrastructure.
Romania President Criticizes Country’s Failure To Use EU Funds
24 sept. 2008, 13:45, English

Basescu said that since the beginning of the year, Romania could have accessed over EUR1 billion in structural and cohesion funds, but the country has not prepared enough projects mainly targeting modernization of roads and rails to make good use of the money.

The head of state added that lack of investment in infrastructure is hindering the country’s economic and social development.

"Romania wasn’t capable of attracting one euro of the over EUR5.5 billion earmarked for highway construction,” Basescu said.

The president also criticized the fact that the country hasn’t even finished spending pre-accession funds, and Romania has still to spend EUR600 million within the ISPA program and registers delays in spending SAPARD funds.

"Unless the European Commission agrees to extend the deadline for the spending of these funds, Romania could lose major funds,” Basescu warned, adding the country only managed to spend EUR90 million so far this year out of a total EUR345 million available.