Siegfried Mureşan: EC will provide 750 million euros to Romania for Jiu Valley and Oltenia region

Romania is to receive 750 million euros from the European Commission to finance projects to ensure the transfer to a green economy in areas such as Oltenia or Jiu Valley, EU Parliament member Siegfried Mureşan has said on Friday.

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Imaginea articolului Siegfried Mureşan: EC will provide 750 million euros to Romania for Jiu Valley and Oltenia region

Siegfried Mureşan: EC will provide 750 million euros to Romania for Jiu Valley and Oltenia region

Mureşan explained that it is about non-reimbursable money, which will be secured through the Fair Transition Fund and which will be financing in particular those projects that contribute to the economic development.

"The money will go mainly to economic development and will especially support young entrepreneurs", the MEP said.

In total, the Fair Transition Fund will be worth 7,5 billion euros and is only a first pillar of the mechanism of the transition to a green economy that will run at EU level. The financing provided through the mechanism amounts to 100 billion euros.

According to Mureşan, "the second pillar foresees granting 45 billion euros, loans for projects aimed at improving energy efficiency and new energy sources, private sector profitable projects".

As for the third pillar, it will finance "projects that are not profitable, especially in the public sector, such as projects that reduce carbon emissions. A new financing facility is being created at the EIB" (European Investment Bank). "This third pillar is worth 35 million euros", Mureşan added.

In total, the three pillars sum up 80 billion euros. Mureşan explained that the difference of up to 100 billion euros, the total value of the financing offered under the mechanism to a green economy, will be ensured through co-financing from cohesion funds.

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