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Romania government holds five-year 575 million euro budget to fund initial investments of over 100 million euro

de A.C.
Luni, 18 februarie 2008, 17:35 English | Business

The Romanian government wants to fund with 575 million euro in the upcoming five years up to 16 companies that intend to invest more than 100 million euro in the country, under certain conditions. According to a governmental decision, companies hunting the money need to offer at least 500 jobs before accessing funds of at least 50 million euro.

The money will be given as state subsidies from Romania's national budget through the Economy Ministry at an average of 115 million euro per year. According to the project, only 16 companies will be able to receive the subsidies.

Thus, the government plans to financially support companies that attract new investments, expand their units and diversify their production. However, state aid in sectors as varied as fishing, transportation or agriculture among others is forbidden, according to EU regulations.

In case the government gets to support investment costs like land acquisition, buildings and technology the company is compelled to maintain its production for at least five years. Moreover, investments exceeding 30 million euro need to be announced at the European Commission.

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