Luxembourg, 06/11/2006 (Agence Europe) - Just a few weeks after the European Commission's go-ahead to Romania's accession to the EU on 1 January 2007, the European Investment Bank (EIB) signed a memorandum of understanding with Bucharest on the sidelines of the annual forum in Athens, setting a framework for the EIB's support to the country's investment programme during the next few years. While financing will be based on specific project proposals, the agreement indicates that such financing may be in the order of €1 billion per year and can be adjusted in line with needs.
Generally speaking, the cooperation between Romania and the EIB will focus on the following development objectives: - the setting up of specific co-financing facilities and new mechanisms for investments that come under the EU Cohesion and Structural Funds facilities; - close cooperation in the implementation of projects financed by the EIB using the latter's technical and sectoral experience also for the effective absorption of EU grants. This includes offering a dedicated pool of expertise for the preparation of selected Cohesion and Structural Funds projects through the JASPERS National Action Plan initiative; - improved sources of funding for SME through the JEREMIE programme with the participation of the EIB's subsidiary, EIF, specialised in venture capital and guarantees; - support for sustainable investment in city areas through the specifically designed JESSICA programme; - and assistance for the government and private partners in the structuring and implementation of PPP projects.
Given the volume of investment foreseen and the support required, the EIB will soon open an office in Bucharest, including the EIB and JASPERS representatives. In a press release, the Bank states it is determined to help Romania successfully integrate the European Union. The accumulated amount of loans granted to this country is €4.3 billion shared out between 47 projects covering a broad range of key economic sectors. (ol)