Bogdan Drăgoi: "The majority of projects for attracting European grants are badly conceived"

Romania has approved over 5,300 project financed using European grants, which are worth a total of 11.5 billion Euros, without including those in the agricultural sector, secretary of state in the Ministry of Finance Bogdan Drăgan said yesterday, in a press conference, part of a conference discussing the Romanian industry.

He said that 20,899 projects had been submitted by September 24th, worth 43.2 billion Euros, of which 5,300 were approved, with a total value of 11.5 billion Euros. However out of that number, only 3,759 such projects were signed, worth 7.5 billion Euros.

The Ministry official said that the projects were approved as part of seven operational programs. "Structural funds represent the most important factor in allowing the economy to grow", said Mr. Drăgoi.

He added that most of the projects for attracting these funds are not eligible because they are badly drawn up. Also, it can take as much as a year and a half between the signing of the project and the beginning of the works, due to the bureaucracy, the ministry official added.

According to Bogdan Drăgoi, apart from the European grants, another solution for companies would be to resort to state guarantees.

"The total value of the investments financed amounted to 847 million Euros, or roughly 212 million Euros, which allowed the creation of 4,000 jobs", said Bogdan Drăgoi.

Also, the private-public partnership is another method for stimulating investments, and the official of the ministry that the law concerning these contracts could be ready in a month.