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.
The international transport and logistics company Gebrüder Weiss recently inaugurated a new hub in the southeast of Bucharest, consolidating its position in the Romanian market. The new terminal, located in Popești-Leordeni, became operational after a EUR 20 million investment, and will eventually lead to the creation of 90 jobs. "The new location complements the already […]
Raiffeisen Bank Romania has finalized the selection process for MoonShotX - a unique project on the local market, supporting companies with a turnover between 5 million and 50 million euro (Mid-Corporate) to expand their business internationally. After a selection period of 3 months, 22 companies were selected out of a total of more than 760 […]
Writer and translator Corina Oproae has won this year’s Premio Tusquets Editores de Novela for the novel La casa limón, set against the background of the Ceaușescu regime. Oproae, who was born in Făgăraș, has been living in Spain since 1998. She has published the poetry books Mil y una muerte, Intermitencias,...
NN Group, active locally in the private pension and insurance segments, and impact venture fund Rubio Impact Ventures have launched the NN Social Innovation Startup Awards competition, which aims to boost early-stage tech startups working to create a positive impact. The competition takes place in ten countries in Europe, including Romania, and in Japan. The […]
Dubai, a city noted for its abundant way of life and tall towers, also offers a wide variety of affordable living choices appealing to investors worldwide, including Romania. Dubai offers an appealing prospect with its strategic position, strong economy, and friendly investment environment for those wishing to make economical real estate investments. Whether you are […]
The Apprentice, director Ali Abbasi's new movie in which Romanian-born actor Sebastian Stan plays a young version of Donald Trump, will arrive in cinemas in Romania on October 18, one week after the US release date, according to Paginademedia.ro. The feature was selected in the main competition at Cannes this year. The...
