Commission implementing Decision on the authorisation of the first disbursement to Romania

tribution agreement was signed in line with the requirements of the milestone. On the basis of the due justification provided, the milestone should be considered as satisfactorily fulfilled. (24) Milestone 250 provides for the signature of the contribution agreement between the European Commission and the Romanian Government, with the objective of delivering finance and investments to companies and to the residential and building sector investing in energy efficiency improvements. By way of signature of the contribution agreement between Romania and the EU, Romania is contributing dedicated funds to the InvestEU Programme, managed at EU level, which are then provided as a guarantee to attract private investments in the country through financial intermediaries. The evidence provided by Romania demonstrates that the contribution agreement was signed in line with the requirements of the milestone. On the basis of the due justification provided, the milestone should be considered as satisfactorily fulfilled. (25) Milestone 253 provides for the signature of the financing agreement between the European Investment Fund (EIF) and the Romanian Government for the creation of the Recovery Risk Capital Fund (“the Fund”) and the adoption of the investment policy of the Fund. The objective 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 financing agreement allows the EIF to open the call of competition for financial intermediaries through which resources are then be channelled towards final beneficiaries. The evidence provided by Romania demonstrates that the financing agreement was signed in line with the requirements of the milestone. On the basis of the due justification provided, the milestone should be considered as satisfactorily fulfilled. (26) Milestone 259 provides for the signature of the contribution agreement between the European Commission and the Romanian Government, with the objective to deliver finance and investments for energy efficiency and renewable energy in the residential and buildings sector. By way of signature of the contribution agreement between Romania and the EU, Romania is contributing dedicated funds to the InvestEU Programme, managed at EU level, which are then provided as a guarantee to attract private investments in the country through financial intermediaries. The evidence provided by Romania demonstrates that the contribution agreement was signed in line with the requirements of the milestone. On the basis of the due justification provided, the milestone should be considered as satisfactorily fulfilled. (27) Milestone 270 provides for the adoption of a normative act for the operationalisation of a Policy Support Facility Reform Implementation Unit. This unit is tasked with coordinating all reforms and investments that aim at modernising the architecture and EN 5 EN  functions of the R&D&I system in Romania. The evidence provided by Romania demonstrates that the normative act was adopted in line with the requirements of the milestone. On the basis of the due justification provided, the milestone should be considered as satisfactorily fulfilled. (28) Following the fully positive assessment concerning Romania’s payment request, in accordance with Article 24(5) of Regulation (EU) 2021/241, the disbursement of the financial contribution for the first instalment of the non-repayable support and the disbursement of the loan for the first instalment of the loan support should be authorised. (29) In accordance with Article 2(3) of the Council Implementing Decision, as specified in the Financing Agreement, the pre-financing of the financial contribution shall be cleared by being proportionally deducted against the payment of the instalments. As Romania received 13% of the financial contribution as pre-financing, an amount of EUR 264 829 034 of the payment should be utilised to clear the pre-financing, equal to 13% of the instalment. (30) In accordance with Article 3(3) of the Council Implementing Decision, as specified in the Loan Agreement, the pre-financing of the loan shall be cleared by being proportionally deducted against the payment of the instalments. As Romania received 13% of the loan as pre-financing, an amount of EUR 117 997 034 of the payment should be utilised to clear the pre-financing, equal to 13% of the instalment. (31) This Decision should be without prejudice to procedures relating to distortions of the operation of the internal market that may be undertaken, in particular under Articles 107 and 108 of the Treaty on the Functioning of the European Union. It does not override the requirement for Member States to implement the measures in accordance with Union and national law and, in particular, to notify instances of potential State aid to the Commission under Article 108 of the Treaty on the Functioning of the European Union. (32) The measures provided for in this Decision are in accordance with the opinion of the Committee established by Article 35(1) of Regulation (EU) 2021/241, HAS ADOPTED THIS DECISION: Article 1 Authorisation of the disbursement of the non-repayable support The disbursement of the first instalment of the non-repayable support as laid down in Section 2.1.1. of the Annex to the Council Implementing Decision of 3 November 2021 on the approval of the assessment of the recovery and resilience plan for Romania for an amount of EUR 2 037 146 414 is authorised. In accordance with the Financing Agreement concluded pursuant to Article 23(1) of Regulation (EU) 2021/241 between the Commission and Romania, EUR 264 829 034 shall be utilised to clear the pre-financing of the financial contribution and EUR 1 772 317 380 shall be provided to Romania by means of payment to the bank account indicated in the Financing Agreement. EN 6 EN  Article 2 Authorisation of the disbursement of the loan support The disbursement of the first instalment of the loan support as laid down in Section 2.2.1. of the Annex to the Council Implementing Decision of 3 November 2021 on the approval of the assessment of the recovery and resilience plan for Romania for an amount of EUR 907 669 494 is authorised. In accordance with the Loan Agreement concluded pursuant to Article 15(2) of Regulation (EU) 2021/241 between the Commission and Romania, EUR 117 997 034 shall be utilised to clear the pre-financing of the loan and EUR 789 672 460 shall be provided to Romania by means of payment to the bank account indicated in the Loan Agreement. Article 3 Addressee This Decision is addressed to Romania. Done at Brussels, 20.10.2022 For the Commission Paolo GENTILONI Member of the Commission EN 7 EN