European Commission assessment enables Romania to establish an alternative financing mechanism for strategic sectors

The European Commission's pillar assessment of the Investment and Development Bank (BID) enables Romania to establish an alternative financing mechanism for strategic sectors and represents a milestone under the National Recovery and Resilience Plan (PNRR), according to specialists at Deloitte Romania quoted in a press release sent on Monday.According to the press release, a multidisciplinary team of 33 specialists with expertise in audit, financial advisory, taxation, valuation, risk and regulation from Deloitte Romania, together with lawyers specialising in banking and financial law, state aid and public procurement, corporate law and personal data protection from Reff & Associates - Deloitte Legal, assisted the Romanian Development Bank during the European Commission's pillar assessment.This type of assessment is one of the most comprehensive institutional verification processes applied to organisations eligible to manage financial instruments financed from the European Union budget, and its successful completion marks the fulfilment of a milestone undertaken by Romania as part of its National Recovery and Resilience Plan (PNRR)."The European Commission's assessment confirms the strengthening of the bank's capacity to implement financial instruments supported by European Union funds and covered nine pillars: the internal control system, the accounting system, independent external audit, the awarding of EU-funded grants, public procurement, financial instruments, exclusion from access to financing, publication of information relating to beneficiaries, and the protection of personal data," the press release said.The Romanian Development Bank (BID) is the only development bank wholly owned by the Romanian state through the Ministry of Finance. It contributes to Romania's economic and social development by facilitating access to finance, mobilising investment and implementing financial instruments that support the economy's competitiveness, innovation and the transition to sustainable development.Globally, Deloitte provides audit, tax and legal, consulting, financial advisory and risk management services to around 90% of the companies in the Fortune Global 500 as well as to thousands of private-sector companies.The firm's experts contribute to achieving measurable and lasting results that help strengthen confidence in capital markets, enable companies to transform and thrive, and pave the way towards a stronger economy, a fairer society and a more sustainable world.