EU pays in advance 768 MN Euros for projects using structural funds

Romania will receive in advance some 768 million Euros of the structural funds in 2009, after the European Commission approved the Economic bailout plan supplementing the previously approved amounts. The payment in advance increased 253.2 million Euros, sources in Brussels said.

The payment in advance is seen by the EC as a way to help its member states to deal with the lack of cash caused by the global financial crisis. The main target is to help the structural projects develop without being in danger of cash blockage. The member states will still have to respect the co-financing conditions imposed by the European regulations, but there is an increased degree of flexibility, said the EC Commissioner Danuta Hubner.

The payments in advance Romania may receive are:

– 425,907,497 Euros in the Cohesion Funds for 2007 – 2008 and 262,096,921 Euros for 2009;

– 448,823,303 Euros in the European Regional Development Fund for 2007-2008 and 179,529,321 Euros for 2009;

– 184,207,381 Euros in the European Social Fund for 2007-2008 and 73,682,952 Euros for 2009.