Monday, February 18, 2008

Romania to get EUR 4.25bn to boost employment

BUCHAREST -- The EU is set to give Romania EUR 4.25 bn over seven years to promote employment, Thomson Financial reports.

EU Commissioner for Employment, Vladimir Spidla, and Romanian Employment Minister Paul Pacuraru have launched the European Social Fund (ESF) for Romania.

A total of EUR 175mn will be available initially, aimed to improve access to the jobs market for the unemployed and disadvantaged and people living in rural areas, with around 1.6 million Romanians likely to benefit from the funds between now and 2013.

Romania is suffering from a shortage of labor, as some two million Romanians have emigrated in search of higher wages.

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