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Romanian Entrepreneurs Compelled To Return Funds If EU Projects Carried Out Illegally – PM

Romanian Prime Minister Emil Boc Friday warned the representatives of small and medium enterprises (SMEs) that they will be compelled to return the money granted by the European Union if their EU-financed projects are not transparent and do not observe the law.
Romanian Entrepreneurs Compelled To Return Funds If EU Projects Carried Out Illegally - PM
06 aug. 2010, 12:15, English

The prime minister also said that those contracts that do not observe deadlines will be cancelled.

„European money is like public money and must be used transparently and legally,” said Boc, who was present Friday at a ceremony during which Economy Ministry representatives signed financing contracts for SMEs.

The prime minister called on investors to spend EU money responsibly, so that Romania will not have to pay back the funds it was granted, and observe the deadlines stipulated in financing contracts.

Boc highlighted that EU funds are the most secure and rapid way to overcome recession and added he is still displeased with the country’s EU fund absorption rate.

The prime minister said that, in 2011, funds allotted to certain EU programs will be redirected to fields with higher absorption rate. Boc pledged that money will also be allotted to capitalize the National Fund Guaranteeing SMEs Loans at the budget revision planned for August 18.