Romanian Govt Mulls Granting EUR1.5B State Guarantees

Romania’s Government will grant state guarantees totaling more than EUR1.5 billion, mainly to companies in auto industry, energy sector, and petrochemical industry or to dwelling builders, government sources told MEDIAFAX Monday.

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The amount includes the announced guarantees for automakers Renault and Ford, the quoted sources said. Both France’s Renault and US’ Ford asked the government for state support for investments in their Romanian facilities.

The total budget for state guarantees is of around 6 billion lei (EUR1=RON4.1263) in 2009, the sources added.

The final details of the government support will be established in the next few weeks, after the Cabinet checks if the measures are in line with EU state aid regulations.

Romania’s Prime Minister Emil Boc said early-March the government is working on a full state guarantees and aids package to be granted to local companies in compliance with the European Union regulation.

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