Poland saves EU funds for roads and railways

Warsaw (Puls Biznesu) – Road and railway authorities exceeded the minimal level of EU fund absorption.

The Polish officials responsible for spending EU funds for roads and transport have managed to rescue Poland from losing the money. A year ago, only PLN 677,000 (EUR 171,281) was spent from the Transport program while EUR 1.16 billion is supposed to be spent in the years 2004-06.

“Till the end of this year, we had to spend at least EUR 85m not to lose the funds. In September, we had the absorption level of EUR 92m. According to the forecasts, this amount may grow to EUR 185m at the end of this year”, Jerzy Polaczek, the Minister of Transport said.

The funds may be spent till the end of 2008. Government institutions spend their own funds first and after certain stages of investment projects are ended, they have them refunded by the EU.

(PLN 1 = EUR 0.253)

Source: pulsbiznesu.pl