EU Funds
Since acceding to the European Union in early 2007, Romania benefits from the advantages of structural funds and cohesion funds in order to strengthen its capacity to enforce EU rules. Structural Funds and Cohesion Funds are funds allocated by the European Union for supporting two related purposes: promotion of the poorer regions of Europe and integrating European infrastructure. Together with Agricultural Funds, Community Initiatives and Community Programs, these funds make up the great bulk of EU funding and the majority of total EU spends.
Current programs run from 1 January 2007 to 31 December 2013, with a 54.4 billion € budget for Structural Funds, 18 billion € for the Cohesion Fund and approximately 12.183 billion € for agricultural and rural development funds.
The total volume of assistance available to Romania is substantial and increasing. Romania received from PHARE, SAPARD and ISPA 102.3 million € in 2005, 297.2 € million in 2007 and 920 million € in 2008. These sums include 330 million € from PHARE projects, 320 million € from ISPA projects and 270 million € from SAPARD projects. In addition, Romania will receive money allocated through structural funds and sums given for agriculture so the total EU funds in 2008 will be 2.6 billion €. By 15 June 2008, 1,287 projects were submitted. 23 financing contracts in the sum of 204 million € were signed with the beneficiaries, out of which 180 million € represent EU funds. (1.7.2008, http://www.seeurope.net/?q=node/15993).
Romania will receive EU funds mainly for structural operations, rural development, agriculture market measures and direct payments to farmers. The European funds in Romania represent a very important financial resource for Romania (around 1.4% of GDP). Following Romania’s accession to the EU, investors have access to much more significant EU financial support than prior to 2007, but under more stringent terms. The government introduced a Single Action Plan in summer 2005, enhancing the administrative capacity for the sound financial and programmed management of EU funds, which is continuously updated and subject to monitoring. The management capacity for the increased EU funds is now carefully monitored by the Joint Monitoring Committee with the help of a benchmarking system. These mechanisms insure that Romania will benefit from even bigger EU funds in the future (European Commission, EU website).
EU Funds in Romania 2007-2013
- Since acceding to the European Union in early 2007, Romania benefits from the advantages of EU in order to strengthen its capacity to enforce EU rules.
- In 2007-2013 Romania will receive 54.4 billion € in Structural Funds, 18 billion € in Cohesion Fund and approximately 12.183 billion € in agricultural funds.
- The total volume of EU assistance to Romania is substantial and increasing. Total EU funds in 2008 will be 2.6 billion €.
- Following Romania’s accession to the EU, investors have access to much more significant EU financial support. In 2008, 1,287 projects financed by EU funds were launched.
- Romania's government introduced a Single Action Plan, enhancing the administrative capacity for the sound financial and programmed management of EU funds. The management capacity for the increased UE funds is carefully monitored by the EU.
- These mechanisms insure that Romania will benefit from even bigger EU funds in the future
Since acceding to the European Union in early 2007, Romania benefits from the advantages of structural funds and cohesion funds in order to strengthen its capacity to enforce EU rules. Structural Funds and Cohesion Funds are funds allocated by the European Union for supporting two related purposes: promotion of the poorer regions of Europe and integrating European infrastructure. Together with Agricultural Funds, Community Initiatives and Community Programs, these funds make up the great bulk of EU funding and the majority of total EU spends.
Current programs run from 1 January 2007 to 31 December 2013, with a 54.4 billion € budget for Structural Funds, 18 billion € for the Cohesion Fund and approximately 12.183 billion € for agricultural and rural development funds.
The total volume of assistance available to Romania is substantial and increasing. Romania received from PHARE, SAPARD and ISPA 102.3 million € in 2005, 297.2 € million in 2007 and 920 million € in 2008. These sums include 330 million € from PHARE projects, 320 million € from ISPA projects and 270 million € from SAPARD projects. In addition, Romania will receive money allocated through structural funds and sums given for agriculture so the total EU funds in 2008 will be 2.6 billion €. By 15 June 2008, 1,287 projects were submitted. 23 financing contracts in the sum of 204 million € were signed with the beneficiaries, out of which 180 million € represent EU funds. (1.7.2008, http://www.seeurope.net/?q=node/15993).
Romania will receive EU funds mainly for structural operations, rural development, agriculture market measures and direct payments to farmers. The European funds in Romania represent a very important financial resource for Romania (around 1.4% of GDP). Following Romania’s accession to the EU, investors have access to much more significant EU financial support than prior to 2007, but under more stringent terms. The government introduced a Single Action Plan in summer 2005, enhancing the administrative capacity for the sound financial and programmed management of EU funds, which is continuously updated and subject to monitoring. The management capacity for the increased EU funds is now carefully monitored by the Joint Monitoring Committee with the help of a benchmarking system. These mechanisms insure that Romania will benefit from even bigger EU funds in the future (European Commission, EU website).