FinMin Nazare:Over 10 bn euros for Romania by end-2026

An amount of over 10 billion euros will be available for Romania by the end of 2026, following the successful conclusion of negotiations for the approval of the revised National Recovery and Resilience Plan (PNRR), Finance Minister Alexandru Nazare announced on Thursday."We have successfully concluded the negotiations for the approval of the revised PNRR. Over 10 billion euros for Romania by the end of 2026. The approval of the revised plan today in Brussels is the result of intense negotiations with the European Commission - a complex process, in which responsibility and pragmatism made the difference. In the last 4 months, we have managed to maintain the maximum level of non-reimbursable grants for Romania, while reducing the pressure on the state budget, through a simpler and more efficient plan structure," the minister wrote on his Facebook account.According to him, following the negotiations, the financing of the Moldova Motorway was secured, by transferring the project from the loan component of the PNNR to the grant component - an important step for the execution of works from non-reimbursable European funds and a guarantee of the completion of the project in 2026 and for the development of the northeastern region of the country and local communities.Also, significant amounts of grants were maintained by revising the milestone regarding the VAT gap and assuming a real reform of tax authority ANAF, and allocations for the economy and the private sector were increased, including by capitalizing the Development and Investment Bank by 500 million lei, "an important amount that will be seen in business in the coming years"."So far, Romania has collected 10.7 billion euros, and by the end of next year it is expected to attract a similar amount. This money must quickly reach the economy and support growth, investments and jobs. Economic recovery is not achieved through promises, but through courageous decisions and by attracting every available euro for Romania's development", pointed out Alexandru Nazare.According to a press release from the Ministry of Finance, Romania obtained, on Thursday, the approval of the revised National Recovery and Resilience Plan, during the Economic and Financial Affairs Council (ECOFIN) meeting held in Brussels.The revised plan has a total value of 21.41 billion euros, of which a major component of grants (non-reimbursable funds), of 13.57 billion euros, and 7.84 billion euros in loans, being configured on six payment requests (of which three have already been submitted).The number of milestones and targets was reduced from 518 to 390, without diminishing the ambition of the undertaken reforms.The changes mainly aimed at eliminating investments with a risk of non-implementation, switching some performing projects from the loan component to a grant and introducing new investments with high economic and social impact, such as the capitalization of the Investment and Development Bank or the acquisition of ambulances, the press release reads.At ECOFIN, Romania was represented by the Minister of Finance, Alexandru Nazare.