Romania will get EUR 5 billion under the SURE temporary low-interest borrowing instrument the European Commission has designed to help workers keep their jobs during the COVID-19 crisis.

"Romania's contribution to the SURE program is approximately EUR 393 million. Based on this contribution, the country has access to approximately EUR 5 bln for programs in the economic and social field, to stimulate employment measures," said the head of the prime minister's office Ionel Danca, Agerpres reported.

The Government endorsed the memorandum for this instrument, he announced.

Romania can thus access loans under favorable conditions by the end of next year. The money will go into employment-related subsidies such as technical unemployment benefits, or the support for COVID-19 hit companies that keep their employees during the recovery stage. SURE will become available after all member states provide their guarantees.

The Commission will raise funds on international capital markets under the SURE instrument to provide member states with financial assistance in favorable terms. The EU budget will back SURE loans, and member states will provide guarantees according to their share in the EU's GNI. The total amount of guarantees will be EUR 25 bln, a quarter of the EUR 100 bln expected to be borrowed under this program.

editor@romania-insider.com

(Photo source: Gov.ro)