The European Commission (EC) approved redirecting EUR 550 million from the cohesion fund to help Romanian SMEs affected by the coronavirus crisis.

These funds will finance part of the Romanian Government's EUR 1 billion grants program for local SMEs, microenterprises, and freelancers, already approved by the EC.

More than 120,000 small and medium-sized enterprises in Romania will receive financial support. The European Commission has approved changes to the "Competitiveness" operational program in Romania by redirecting EUR 550 mln from the Cohesion Fund to mitigate the effects of the crisis caused by the coronavirus.

Financial support will be provided to more than 120,000 SMEs and digitization and e-education initiatives.

"Due to the flexibility offered by the Commission's Coronavirus Response Investment Initiative (CRII), Romanian businesses can benefit from this vital support to overcome the difficulties caused by the pandemic and maintain jobs. Along with EU funds already targeted at the Romanian health sector, as well as training, education, and infrastructure, this is a unique opportunity for a rapid economic recovery. At present, it is extremely important to put these measures into practice quickly," said Elisa Ferreira, Cohesion and Reform Commissioner.

(Photo: Pixabay)

andrei@romania-insider.com