The European Commission approved on Thursday, according to EU norms about state aid, the reintroduction of Romania's short term export credit, with a budget of 7.2 million euros, according to a press released of the European Executive. The Romanian state can cover risks supported by small companies with a small business figure made from exports and risk of single export transactions. Initially, the plan was approved in August 2014, extended in February 2017 and made to expire in December 2021. In February 2022, Romania notified the intention to reintroduce the plan, which would last until December 31, 2026. The maximum annual business figure for export for small companies to be eligible was established at 2.5 million euros (on the rise by 0.5 million euros compared to the initial plan). The commission evaluated the plan according to EU norms about state aid, especially the 2021 Communication about short term export credit. The EU Executive decided that the measure is necessary because there are no insurance products to cover the risk of non payment by foreign buyers for small companies with small business figures from export, or private insurers to cover export transactions. The Commission concluded that the plan is proportional, as it made sure that Romania will cover only transactions for which private covering is not available in the market and make sure that private insurers are not excluded, in case they want to cover such risks. In December, EC adopted a reviewed Communication about insuring short term export credits which establishes norms to make sure that the support granted by the state for export credits do not affect competition between private and public export credit insurers and set up competition conditions between exporters from various member states. Export credits allow foreign buyers of goods and services to delay payment. This delay involves a credit risk for sellers, which in their turn get insurance for this risk. The reviewed communication about short term export credits came into force on January 1,2022, without expiry term.
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
