The European Commission (EC) approved a regional development program under the 2021-2027 Multiannual Financial Framework for EUR 1.18 bln investments in the Western region of Romania.

The disbursement of money at the regional level, a novelty for Romania, is expected to facilitate faster implementation of the projects. The region's program includes the counties of Timiş, Arad, Hunedoara and Caraş Severin.

The money will be used for economic development, digitization, innovation and green investments in the region. The West Regional Development Agency manages the program.

"We have at our disposal the largest amount that our region has benefited from in a financial cycle. It is money that will be invested, not just spent," said Sorin Maxim, the general director of ADR West, quoted by Ziarul Financiar.

Under one of the schemes to be financed, ADR West is considering a substantial amount that will be placed in a regional venture capital fund, which is unique – in Romania, there are only a few at the national level. The venture capital fund is supposed to invest in companies that are located or that invest in the region.

andrei@romania-insider.com

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