Romania’s government plans to extend state aid scheme for regional development

The government wants to extend the submission deadline of financing requests under the state-aid scheme no.797/2012 in the field of regional development projects by June 30 2014, in a move to support the creation of new jobs in competitive industries.

According to a draft bill posted by the Ministry of Finance, authorities will increase funding by RON 160 million (EUR 36 million), taking the overall allocation to RON 600 million (EUR 134 million). As a result of additional funding, the number of beneficiaries will be hiked from 10 to 15 companies.

“The adoption of this bill aims to support the regional development of all regions in Romania by attracting large investments and creating new jobs in the top sectors of the economy, thus increasing revenues to the budget,” said the substantiation note of the bill.

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The government has already approved four financing agreements under this scheme worth RON 167 million (EUR 37 million) set to generate over 2,000 new jobs. Seven financing requests worth RON 235 million (EUR 52.5 million) are currently analyzed by authorities.

The Ministry of Finance said the European Commission, the executive arm of the EU, does not need to be notified on the amendments.

Ovidiu Posirca