Looking ahead, 2022 could be a crucial year for real estate investments in Romania. The implementation of the country’s National Recovery and Resilience Plan (NRRP) calls for extensive legislative changes that may have a real impact on the business environment.
In this second article in The Legal 500 (Legalease)‘s In-house Lawyer magazine, the winter 2022 edition, Partner Monia Dobrescu explores key measures in the NRRP, intended to simplify the way business is conducted in Romania, while supporting the green and digital transitions, as well as enhancing socio-economic and institutional resilience.
In its assessment on recovery and resilience plans, the European Commission allocated to Romania a pre-financing instalment amounting to €1.85bn for implementing its National Recovery and Resilience Plan (NRRP) that has to comply with the criteria set out by the Commission. The Romanian government and the competent authorities are keen to ensure the timely implementation of the given measures, under a rather tight calendar and the pressure of potential consequences if the fulfillment of milestones and targets imposed by the Commission is non-satisfactory.
Under these circumstances, considerable legislative changes are expected to occur to implement the operational agreements concluded with the European Commission for this purpose and to speed up the procedure of allocating public procurement contracts and absorption of European funds.
Considering the tight deadlines set for the completion of the whole process and the need to actually implement reforms meant to support the absorption of funds through NRRP, the Romanian government is prioritising the supplementation and amendment of the legal framework approving the NRRP and is creating the institutional and operational mechanisms at the national level.
Companies conducting or intending to set up businesses in Romania should keep up to date, as some of these legislative changes may have a real impact on their business.
Below are three key topics on measures intended to facilitate an easier way of doing business in Romania, while supporting the green and digital transitions, as well as enhancing socio-economic and institutional resilience.
You can read more here Hot topic in future real estate investments: Romania’s assistance plan for market sectors