The Government can allocate up to 1.25 billion euros for theextension of the First home scheme by guaranteeing home loans, butother guarantee schemes will probably be included in this maximumsum, as well. Finance minister Sebastian Vladescu (photo) believesguarantee schemes are the best way to boost lending.
The IMF has agreed that an additional one billion euros beearmarked as guarantees for investment projects financed with moneyfrom the EU, EIB, and EBRD. The Ministry of Finance will puttogether a new system for selecting projects that can receive stateguarantees for financing.
For last year, the Government had 7.7 billion RON (1.83 billioneuros) in guarantees, less than a third of which has been used,with the IMF agreeing that the rest be allocated for 2010. The 1.25billion euros can be used as guarantee for new loans for homes, aswell as for other loan guarantees. The Ministry of Finance isworking on a version of the "First home" scheme that will encouragethe acquisition of new homes, but without being blocked by theEuropean Commission as a state aid scheme.
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