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Romanian Govt To Adopt Ordinance On Co-Financing EU Projects Through State Guarantees

The Romanian Government will adopt in February an emergency ordinance which will enable local authorities to co-finance European projects by using Government guarantees, Prime Minister Emil Boc announced Friday.
Romanian Govt To Adopt Ordinance On Co-Financing EU Projects Through State Guarantees
22 ian. 2010, 13:55, English

Boc said the measure aims to assist local communities and increase the rate of absorption of European funds.

The prime minister added the amount needed for these guarantees will be determined later by the Government’s specialists.

Romanian and European Investment Bank officials Thursday signed a guarantee agreement for a loan for carmaker Ford Romania. Under the agreement, Romania will guarantee 80% (or EUR320 million) of the EUR400 million loan. The guarantee is granted for a period of five years and the risk commission was set at 2% a year.

Ford Romania will use the money to finance current operations at its Craiova plant and manufacture an environmentally friendly small car, Ford Europe’s vice-president for legal affairs Wolfgang Schneider said Thursday.