The MPs gave a first reading to the bill providing for the creation of the National Regional and Local Development Fund. The Fund will become the main source of financing for investment projects intended for the local public authorities, IPN reports.

The new entity will operate based on the National Regional Development Fund and will undertake regional and local development projects. Furthermore, the Fund will co-finance projects financed by foreign partners.

Also, the document suggests constituting the National Regional and Local Development Coordination Council whose duties and functioning regulations will be approved by the Government. There will be developed an information system for keeping a record of the projects financed from this Fund.

The regulations concerning the management of the Fund will be adopted in February. The procedure for selecting projects will be initiated in March.

It is estimated that the National Regional and Local Development Fund in 2022 will be of about 800 million lei, of which approximately 500 million lei will be allocated for local development projects.