The European Commission on Friday announced having approved an up to EUR24 million Romanian scheme (RON 118.6 million) to support investments in sea and inland ports in the context of Russia's war against Ukraine.In a press statement released on Friday, the European Commission says that the scheme was approved under the State aid Temporary Crisis and Transition Framework, adopted by the European Commission on March 9, 2023 to support measures in sectors which are key to accelerate the green transition and reduce fuel dependencies. The new framework amends and prolongs in part the Temporary Crisis Framework, adopted on March 23, 2022 to enable the EU member states to support the economy in the context of the current geopolitical crisis, already amended on July 20, 2022 and on October 28, 2022.Romania notified to the European Commission under the Temporary Crisis and Transition Framework, an up to ?EUR 24 million (RON 118.6 million) scheme to support private port operators in the context of Russia's war against Ukraine.Under the scheme, the aid will consist of limited amounts of aid in the form of direct grants. The measure, partially funded through the cohesion funds, will support private port operators in order to enhance the functioning of the Ukraine-EU Solidarity Lanes.The aim of the measure is to overcome the shortcomings of the capacity of the ports' superstructure, among others for the procurement of equipment for short-distance transport of freight and the extension of storage capacities for temporary storage. It will also facilitate grains transport and transit via Romanian ports that need urgent support to handle the increased traffic flows of goods.The commission found that the Romanian scheme is in line with the conditions set out in the Temporary Crisis and Transition Framework. In particular, the aid will not exceed EUR 2 million per beneficiary, and it will be granted no later than December 31, 2023.It concluded that the Romanian scheme 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 Crisis and Transition Framework. On this basis, the Commission approved the aid measure under EU State aid rules.
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Imran Vilcassim, Chief Commercial Officer, Digital Platforms at BPC, explores how Romania’s booming digital payments outpace merchant readiness and why mobile POS is emerging as the practical solution. Romania’s digital payments volumes are rising fast, but merchant infrastructure isn’t keeping up. Independent market models estimate total digital payments will reach nearly
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Square 7, part of retail park investor M Core, officially inaugurated its new Bucharest office last week, marking an important milestone for the company. More than 150 guests joined the event, including partners, collaborators, and team members. M Core is a family of property investment and management companies comprising LCP, Sheet Anchor, Proudreed, and Sheet […]
Real estate developer Hagag Europe Development has expanded its Romanian operations into the energy sector with the acquisition of BTD Distribuție și Furnizare, a local company specializing in natural gas infrastructure, distribution, and supply. The company has opened a new local division - Hagag Energy - and announced plans to invest more than EUR 400 […]
