The European Commission has approved a €358 million (1.772 billion RON) Romanian scheme to support small and medium-sized enterprises (‘SMEs') affected by the coronavirus outbreak and the restrictive measures that the Romanian government had to implement to limit the spread of the virus. The public support was approved under the State aid Temporary Framework. Under the scheme, the aid will take the form of direct grants for investments in productive activities, up to a maximum amount of €1 million (4934.3 RON) per beneficiary. The scheme will be open to SMEs active in sectors particularly affected by the coronavirus outbreak, such as processing industry, construction, wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage. In order to be eligible, companies must have been established in Romania by 31 December 2018 and must have recorded operating profits over 2019. The scheme is expected to benefit 4,000 companies. The Commission found that the Romanian scheme is in line with the conditions set out in the Temporary Framework. In particular, the aid (i) will not exceed €1.8 million per beneficiary; and (ii) will be granted no later than 31 December 2021. The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. On this basis, the Commission approved the measure under EU State aid rules.
Almost 7,000 households (6,939) in 28 communes were severely hit by the floods in Galati county, according to the updated estimates published by the local authorities on the evening of September 19. "From the data available at this moment, 28 communes are affected by floods. The data at this moment are estimates and were communicated […]
The leader of the Liberal (PNL) senators, Daniel Fenechiu, announced that his party drafted and filed for endorsement a law amendment that provides that a president in office, if he is in the last three months of his mandate, can run as an independent on a party's list or an alliance. This somehow confirms president […]
The support package for large industrial investments, approved [in principle] by the Romanian government on September 18, includes, among others, an installation bonus that can represent up to 35% of the investment, deputy prime minister Marian Neacsu, responsible for the development of the project, told Radio Romania, as quoted by
The first half of 2024 ended with a modern stock of industrial and logistics space in Romania of about 7.3 million square meters, and developers have more than 700,000 sqm under construction in various stages, according to a Colliers' report on real estate market developments for the first half of the year. Thus, the modern […]
The financial damage caused by the drought could exceed EUR 2 billion nationally, given the massive production losses, the additional costs for irrigation, and the lack of capitalization of the production at a fair price, according to the data provided by the Romanian Farmers' Club (CFRO) to
The government ratified on September 18 the agreement between Romania and the International Bank for Reconstruction and Development (IBRD) on a EUR 599 million loan to fund green investment projects in energy and transport, but also the public budget deficit, announced the Executive's spokesperson Mihai Constantin. These funds will finance the green transition, mainly actions […]
