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Romania’s European Affairs Min Wants Fund Absorption Rate Of At Least 20%

Romanian Minister for European Affairs Leonard Orban said Thursday he wants Romania to reach a European fund absorption rate of at least 20% by the end of 2012.
Romania’s European Affairs Min Wants Fund Absorption Rate Of At Least 20%
Ioana Tudor
13 oct. 2011, 16:19, English

„My target is a EU fund absorption rate of at least 20%,” said Orban at the conference Mediafax Talks About European Funds. 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.

„In 2013 we should spend about EUR6.7 billion. Imagine how difficult that is. Therefore, we must reach an absorption rate of at least 20% by the end of next year, which means we must spend about EUR3.8 billion,” highlighted the minister.

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