Romania gets first tranche under PNRR, worth almost 1.9 billion euros

Romania receives, on Thursday, the first tranche of PNRR (National Recovery and Resilience Plan), amounting to 1.851 billion euros out of the total pre-financing of 3.793 billion euros from the value of the financial contribution for 2021, the Government informs.According to a press release from the Executive, by the end of the year, Romania will also receive the pre-financing loan, amounting to 1.942 billion euros.In addition, next year Romania will receive funding of approximately 6.171 billion euros. For the year 2021 and the first quarter of 2022, 45 targets or milestones are planned, of which 5 are already fulfilled, and the rest are in progress, the same source also states.The government mentions that the achieved objectives are related to the coming into force of Law No. 50/2021 on the approval of the Government Emergency Ordinance no. 55/2016 regarding the reorganisation of the National Company of Motorways and National Roads of Romania - S.A. (CNAIR) and the setting up of the National Road Investment Company - S.A. (CNIR), and related to the law regarding the 5G networks security, the legal framework regarding the enrollment of legal persons contributors with the SPV (Virtual Private Space), as well as the modification of the national legislation regarding the means of attack (Law No. 101/2016).The goal of increasing the number of cash registers connected to the IT system of the National Agency for Fiscal Administration has also been achieved, with 466,288 cash registers already connected.In the next period, the Ministry of European Investments and Projects will sign financing agreements with the ministries that have the quality of coordinator of reforms and investments, based on the targets and milestones provided to be fulfilled by these institutions, the Government transmits.The National Recovery and Resilience Plan is structured on the 6 pillars provided by the Regulation of the Recovery and Resilience Mechanism and is divided into 15 components, so as to cover Romania's needs and simultaneously follow the European Commission's priorities. The six pillars are: the green transition, digital transformation, smart growth, social and territorial cohesion, health and economic, social and institutional resilience, policies for the next generation, children and young people.The money will be given in installments, depending on the fulfillment of certain objectives, called milestones and targets. In total, there are 507 milestones and targets to be achieved by August 31, 2026.In total, Romania will benefit from a funding of 29.2 billion euros from the Recovery and Resilience Mechanism to finance the reforms and investments included in the PNRR. More precisely, it is a grant worth 14.24 billion euros and a financing amounting to 14.942 billion euros, granted on advantageous terms, at the level of the costs of the European Commission, the same source also states.