Preliminary assessment of the first payment request of Romania

5); the target amount of finance and investment to be mobilized (Clause 11.2 and Annex 4); the type of support to be deployed mobilized (Clause 11.2 and Annex 4); the targeted beneficiaries and the nature of the mobilized (Clause 11.2 and Annex 4); a timetable for deploying the financial instrument (Clause 11.2 and Annex 4); the name of the InvestEU implementing partner (Clause 13.2); a description of the monitoring system to report on the investment mobilized through the financial instrument (Clause 16.3).  In accordance with the milestone description Clause 15.1 stipulates that returns to the financial instrument (that is, revenues generated from the management of assets and allocated to the Member State compartment, remuneration of the EU Guarantee under the Member State Compartment, amounts recovered and any other payments received) shall be reinvested to pursue the same policy goals, with the effect of such provisions extending after 2026.  In its summary of audits (issued in April 2022), the Romanian Auditing Authority could not

assess positively the achievement of the milestone. The Authority had not been provided with the necessary and sufficient documents proving the signature of the contribution agreement between the European Commission and the Romanian Government. In fact, The Contribution Agreement was signed only on 24 May 2022, after the Authority’s checks. With the signature of the Contribution Agreement, Romania has therefore achieved the milestone. Commission Preliminary Assessment: Satisfactorily fulfilled

Number: 253       Related Measure: Financial instruments for the private sector - Recovery Venture
                  Capital Fund
Name of the Milestone: Signature of the financing agreement between the European Investment
Fund and the Romanian Government for the creation of the Recovery Risk Capital Fund (“the Fund”)
and adoption of the investment policy of the Fund
Qualitative Indicator: Agreement signed                                          Time: Q4 2021
Context:
The objective of this sub-investment is to provide equity support for SMEs, mid-caps, including
start-ups, companies in early and advanced growth stages, and infrastructure projects focused on
renewable energy, and energy efficiency. The support shall be delivered through venture capital
funds and infrastructure funds, as part of a Risk Capital Fund, managed by the European Investment
Fund (“EIF”).

The signature of the Financing Agreement is the steppingstone for the implementation of the sub- investment I2c of Component 9. The Financing Agreement allows the EIF to open the call of competition for financial intermediaries through which resources would then be channelled towards final beneficiaries. Following the signature of the financing agreement, 50% of the total amount of resources allocated to this investment shall be transferred to financial intermediaries by Q4 2024 (Milestone 254), and the rest by Q2 2026 (Milestone 255). Evidence provided:

In line with the verification mechanism set out in the Operational Arrangements, the following evidence was provided:

1. A summary document justifying how the milestone (including all the constitutive elements) was satisfactorily fulfilled. 2. A copy of the signed Financing Agreement.

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