International banks to help Romania improve EU fund absorption

Leonard Orban, the Romanian minister of European affairs, signed yesterday a memorandum of agreement with the European Investment Bank (EIB) and World Bank (WB). The two institutions will provide technical assistance to boost the absorption of EU funds. There is ongoing negotiation for a similar program with the European Bank for Reconstruction and Development (EBRD).

EIB and WB specialists will help increase the speed and quality of absorption on EU structural and cohesion funds for the programming period between 2007 and 2013, but also for the upcoming budget that is currently negotiated in Brussels.

Romania wants to absorb EUR 6 billion worth of EU funds this year. Thus, the country is trying to reduce its dependency on financing from external markets and will try to generate growth locally, through public investment and EU projects.

Ovidiu Posirca

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