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Friday, November 12, 2004
Business in Romania blog
Minister for Public Finance Mihai Tanasescu and the German Ambassador to Bucharest Wilfried Gruber signed two governmental accords on financial and technical cooperation with Germany, worth EUR 14.3M.

The Finance Minister said that the purpose of the bilateral assistance was "the promotion of an economic and social diversity" and the priorities were the promotion of economic reforms, of commercial activities, of the SMEs, agriculture, professional training of employees.

Nearly six million EUR have been made available for financial cooperation programmes. The money will be spent on building "municipal infrastructures" and on a SME lending programme. The users will be selected by the German and Romanian Governments conjointly, following an assessment of the presented bids.

Within the technical assistance scheme, Germany brings into Romania staff and materials in total value of EUR 8.3M.

Agriculture, environment, administration modernizing and training projects will be conducted by assigned partner organizations (the German Society for Technical Cooperation, the Federal Institute for Physics and Metrology, the Foundation for International Cooperation among Savings Houses and the International Society for Improvement and Development). The Federal Republic of Germany has been promoting technical cooperation projects with Romania since the early 1990s. In 1998, the Reconstruction Credit Bank (KfW) based in Frankfurt am Main started the financial cooperation in the form of profitable lending to Romania. Over the past ten years, more than 60 projects have been funded with EUR 142 M from the federal budget.

Posted by Iulia Rasoiu : 11/12/2004 01:00:00 pm EUR 14 M governmental accords between Germany and Romania
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