The Romanian Counter-Guarantee Fund aims to become implementing partner within the InvestEU Fund

The Romanian Counter-Guarantee Fund (FRC) submitted to the European Commission the application for selection as an implementing partner of the InvestEU Fund, during the session of October 2021. This is a pioneering approach for a financial institution in Romania. Following this call, the FRC may be declared eligible to indirectly manage EU budget funds under the InvestEU Program which brings together the multitude of EU financial instruments from 2021-2027.

Preliminary proceedings were initiated by FRC in 2020, and on 31.08.2020 the company received from the EC – Directorate General for Economic Affairs and Financial Instruments, the agreement on starting the evaluation procedure based on pillars, following the verification of to this in the pre-selection stage of the institution’s eligibility as an implementation partner within the InvestEU Program.

“Currently – the team of specialists within the company is going through – together with the selected auditor – the 2nd stage of the evaluation of the established systems, as well as of the control measures, norms and procedures applied, a stage whose completion is foreseen for the first quarter of 2022,” said Alin Valeanu, President of the FRC Directorate.

The whole process will allow SMEs and entrepreneurs in Romania to have access to appropriate instruments for European funding. A new development direction will be opened for the FRC, which will help to maximize the use of the European budget guarantee available for the funds allocated to Romania.