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Romanian Bks Should Simplify Lending Procedure For EU Co-funded Projects

Banks in Romania should simplify the lending procedure for the projects co-funded by the European Union, on the backdrop of the economic crisis, as their beneficiaries will encounter problems due to the increase of costs, state secretary with the Economy Ministry Eugen Teodorovici said Saturday.
Romanian Bks Should Simplify Lending Procedure For EU Co-funded Projects
01 nov. 2008, 16:47, English

 

The projects which have been approved for European funding have already passed the feasibility tests, and banks should apply a special, less bureaucratic lending procedure, Teodorovici said.

By end of September, 4,452 projects worth 29.02 billion lei (EUR1=RON3.6610) have been submitted within the seven operating programs. Until now, 277 projects worth RON7.54 billion have been approved, of which RON5.3 billion comes from European funds, he added.

According to him, 117 funding contracts have been signed for these projects,  which amount to RON4.22 billion, of which RON3.3 billion is granted by European funds.

Teodorovici plans to set up a unit within the Economy Ministry to consult with foreign experts on the priority degree of the projects submitted for funding. The Government will have the final say on the matter, he said.