Romanian government approved in Wednesday’s meeting the first two documents for starting Romania’s National Recovery and Resilience Program.

According to a statement from the Executive, these are two memoranda by which the Government mandated the Ministry of European Investments and Projects and the Ministry of Finance to sign the Agreement on non-reimbursable financial contribution and the Loan Agreement between the European Commission and Romania.

“By initialling these loans, Romania will benefit from a financing of 29.2 billion euros from the Recovery and Resilience Mechanism to finance the reforms and investments included in the National Recovery and Resilience Plan. More precisely, by signing the Agreement on the contribution financial assistance, Romania will benefit from a grant of 14.24 billion euros, and by signing the Loan Agreement between the European Commission and Romania, a financing of 14.942 billion euros, granted on advantageous terms, at the level of costs European Commission,” the release reads.

The quoted source states that, by the end of the year, Romania will benefit from a pre-financing of 3.793 billion euros, and during 2022 from a financing of approximately 6.171 billion euros, in both tranches, through the Recovery and Resilience Mechanism.

“The money will be granted in installments, depending on the fulfillment of certain objectives, called milestones and targets. In total, there are 507 milestones and targets that must be achieved by August 31, 2026,” the statement said.