Special Programs

for SMEs

About IMM Invest:

The IMM INVEST Program, which offers a state guarantee to SMEs and Small enterprises with a medium market capitalization through FNGCIMM, was launched by the Romanian Government in 2020 through GEO 110/2017, with subsequent amendments and completions.

The IMM INVEST Program has the scope of offering State guarantee facilities for the loans asked by SMEs and small enterprises with medium market capitalization. These allows companies, in the context generated by the COVID-19 pandemic, to ensure the necessary liquidity for current activity and investment, accessing one or more investment credits and / or working capital (revolving and non-revolving), guaranteed by FNGCIMM.

IMM Invest Program in 2021 includes AGRO IMM INVEST Subprogram which supports small and medium enterprises and small enterprises with medium market capitalization, in the field of agriculture, fisheries, aquaculture and food sector.

Within the AGRO IMM INVEST Subprogram, the state guarantees are granted in favor of each beneficiary participating in the Program who requests financing for the working capital needs or for the investments; the grant granted to the beneficiaries includes, in addition to the risk and guarantee commissions and to the interest and administration commissions, a non-reimbursable component of maximum 10% of the value of the guaranteed financing, provided that it falls within the following ceilings:

  • 270,000 euros for each enterprise operating in the fisheries and aquaculture sector;
  • 225,000 euros for each enterprise that carries out its activity in the field of primary production of agricultural products;
  • 1.800,000 euros for each company that operates in the food sector.
ELIGIBLE BENEFICIARIES

1. Enterprises that fall into the category of SMEs according to Law 346/2004 on stimulating the establishment and development of small and medium enterprises:

  • MICRO-ENTERPRISES - have up to 9 employees and achieve a net annual turnover or hold total assets of up to 2 million euros, LEI equivalent;

  • SMALL ENTERPRISES - have between 10 and 49 employees and achieve a net annual turnover or hold total assets of up to 10 million euros, LEI equivalent; 

  • MEDIUM ENTERPRISES - have between 50 and 249 employees and achieve a net annual turnover of up to 50 million euros, LEI equivalent, or have total assets that do not exceed the LEI equivalent of 43 million euros.

 

SMEs Type according to EU Regulation no. 651/ 2014 and the European Commission recomandation from 05/05/2003 regarding the definition of SMEs. 

  • autonomous enterprise;

  • partner enterprise;

  • related enterprise.

 

Depending on their relationship with other enterprises, related to the capital or voting rights held or to the right of exercising a dominant influence, there may be 3 types of enterprises:

  • autonomous enterprises;

  • partner enterprises;

  • related enterprises.

 

2. Small enterprises with a medium market capitalization are those enterprises that, together with the enterprises they control and the enterprise / enterprises that has / have direct or indirect control over themt, have 250 employees or more, but less than 500 employees and an annual turnover not exceeding 100 million euros or whose annual balance sheet does not exceed 86 million euros.

 

3. Farmers, meaning natural or legal persons or a group of natural or legal persons, regardless of the legal status which such a group and its members have under national law, the holding of which falls within the territorial scope of the Treaties defined in Article 52 TEU, in conjunction with Articles 349 and 355 TFEU, and carrying out an agricultural activity.

 

4. Professionals, ie all those who operate an enterprise. The exploitation of an enterprise is the systematic exercise done by one or more persons, of an organized activity consisting in the production, administration or alienation of goods or in the provision of services, regardless of whether or not it aims to obtain a profit.

Are eligible the beneficiaries hat cumulatively meet the following conditions:

  • are not in difficulty within the meaning of the provisions of art. 2 point 18 of the Regulation (EU) no. 651/2014 of the Commission from 17 June 2014 declaring certain categories of aid compatible with the internal market pursuant to Articles 107 and 108 of the Treaty on the Functioning of the European Union;

  • are not in dispute, as defendant, with MF and / or the partner bank;

  • are not prohibited from issuing checks and do not appear in the C.I.P with major incidents regarding promissory notes in the last 6 months prior to the guarantee request date in the C.I.P except for major banking incidents regarding the executed promissory notes and/ or checks starting to March 16, 2020, during the state of emergency, state of alert and one month after their termination;

  • insolvency proceedings were not opened against them, under the applicable laws;

  • no decisions to recover state aid were issued against them or if such decisions were issued, they were enforced, according to the legal provisions in force;

  • did not request other types of state aid for the same eligible costs;

  • present to the bank collateral guarantees which, in the case of investment loans, together with the state guarantee and the legal real estate and / or movable mortgage on the assets financed from the loan, cover in proportion of at least 100% the financing value. For the credits / credit lines for financing the working capital there is no minimum degree, analyzing the need for a degree of coverage additional to the state guarantee from case to case;

  • are eligible according to the bank's internal regulations;

  • do not register outstanding fiscal obligations and other budgetary receivables. If the company register such outstanding obligations, the beneficiary undertakes to pay it from the credit / credit line for the working capital granted within the Program/ Subprogram;

 

The enterprises from the sectors / domains that are not eligible for guarantees granting (the criterion is verified only in the case of the main / secondary NACE codes financed) within the program:

  • Financial intermediation except for:

    ○ NACE Code 6499 - Other financial intermediation n.c.a;

  • Insurance, except for the activities of insurance agents and brokers:

    ○ NACE Code 6430 - Mutual funds and other similar financial entities;

    ○ NACE Code 6511 - Life insurance activities.

  • Real estate transactions, except for:

    ○ NACE Code 6810 - Buying and selling own real estate

  • 920 - Gambling and betting activities.

 
  • Production or sale of weapons, ammunition, explosives, tobacco, alcohol, substances under national control, plants, narcotic and psychotropic substances and preparations:

    ○ NACE CODES 110 - Manufacture of beverages (except class 1102 - Manufacture of grape wines, 1103 - Manufacture of cider and other fruit wines, 1104 - Manufacture of other non-distilled fermented beverages, 1105 - Manufacture of beer, 1106 - Manufacture of malt and 1107 - Production of non-alcoholic soft drinks);

    ○ NACE Code 1200 - Manufacture of tobacco products;

    ○ NACE Code 2540 - Manufacture of armament and ammunition;

    ○ NACE Code 2051 - Manufacture of explosives;

    ○ NACE Code 4635 - Wholesale of tobacco products;

    ○ NACE Code 4726 - Retail sale of tobacco products in specialized stores.

  • Investigation and protection activities:

    ○ NACE CODE 803 - Investigation activities.

  • 77 - Rental and leasing activities.

FACILITY TYPES INCLUDED IN THE PROGRAM

1. Investment loans:

  • maximum amount: up to LEI 10,000,000;

  • state guarantee: maximum 80% of the loan amount;

  • maturity: up to 72 months, without the possibility of rescheduling and with the possibility of granting a grace period of maximum 18 months/ 24 months for the facilties under AGRO IMM INVEST Subprogram;

  • eligible expenses categories: acquisition of equipment / machines / machinery / means of transport / other fixed assets, etc. (including VAT); acquisition of intangible assets related to the investment (software / program licenses / patents, etc.) - (including VAT); acquisition of production / service / commercial space / land for construction / agriculture (including VAT): construction of production / service / commercial spaces; capital repairs, modernization of work spaces / offices / work points; other expenses related to the investment plan - (including VAT).

2. Working capital loans:

  • maximum amount: up to LEI 5,000,000 in the case of all companies categories (micro, small and medium enterprises, small enterprises with a medium market capitalization, farmers, professionals), with guarantee percentages of:

- maximum 90%* of the credit value of up to LEI 1,000,000 in the case of small enterprises and up to LEI 500,000 for the micro-enterprise;

- maximum 80%* of the loan value, both in the case of small enterprises and in the case of micro-enterprises, which want to access loans up to a maximum of LEI 5,000,000, as well as medium-sized enterprises and small enterprises with a medium market capitalization, regardless of the value of the loan they want to access up to at a maximum of LEI 5,000,000;

*percentages are applicable also for farmers and professionals.

  • maximum maturity: 36 months, with the possibility of a single extension for a maximum period of 36 months (starting from the maturity date provided in the initial credit agreement, following that, at least in the last 12 months of extension loan repayment to be made in monthly or quarterly installments based on a repayment schedule, by converting it into an installment credit, in case of revolving facilities);

  • eligible expenses categories: supply / production / sales expenses; expenses for execution of works and / or provision of services; expenses for setting up / processing / capitalizing stocks; maintenance expenses, current repairs of work spaces / premises / work points; other types of expenses necessary for carrying out the current activity; salary and similar expenses; rental / utility expenses; payment of taxes / fees / contributions / other amounts due to the general consolidated budget; other operating costs. The Beneficiary can use the money from the loan on other eligible NACE codes, providing that they are authorized according to the law.

     

Maximum value for working capital loan is calculated taking into account the maximum of the following three indicators:

  • double the amount representing salary expenses, including mandatory social contributions due by the employer related to salaries incomes and assimilated to salaries, registered in 2019. In the case of enterprises established after January 1, 2019, the maximum loan amount may not exceed the estimated amount for the first 2 years of activity or

  • 25% of the beneficiary's net turnover for 2019, respectively gross income or annual income norm in the case of individuals who obtain income from independent activities, as appropriate, according to the Single Declaration on income tax and social contributions due by individuals to the competent fiscal bodies for 2019 or

  • the value resulting from its liquidity needs, these may include both working capital costs and investment costs, provided that the supporting documents are presented by the beneficiary, in which case the loan amount may not exceed the liquidity needs at the granting time for the next 18 months in case of SMEs or 12 months in case of Small enterprises with a medium market capitalization.

 

IMPORTANT!

At beneficiary level the maximum cumulated state-guaranteed financing value cannot exceed LEI 10,000,000.

COSTS

Under the state aid scheme associated with the program (according to current amendments and completions), the state pay through MF in the percentage of 100% the interest for a 8 months period from loan granting date, the risk and guarantee commissions and a non-reimbursable component of maximum 10% of the value of the guaranteed financing only for beneficiaries under AGRO IMM INVEST Subprogram with the possibility of extension in the case that economic growth for the following years will be lower than the 2020’s one.

 

IMM Invest guarantee facility total cost: 

Interest: ROBOR 3M+ :

  • 2% per year for investment credit (including bank fees);

  • 2.5% per year for working capital facilities (including bank fees).

Margin does not include:

  • fees related to lending operations (for example: notary fees, costs related to valuation and registration of guarantees, etc.);

  • management and risk fee due to FNGCIMM and MPF.

Guarantee Fees (administration fee due to FNCGIMM and risk fee due to the Ministry of Finance):

  • administration fee for the guarantees granted by FNGCIMM: 0.15% per year for the entire validity period of the guarantees, calculated at the value / balance of the state guarantee.

  • After the validity of the state aid scheme, the administration fee to FNGCIMM is due to FNGCIMM by the beneficiary of the program and is transferred to the Fund through the Bank, for the entire validity period of the guarantee.

  • risk fee (applied to the value / balance of the state guarantee):

- 0.25% for the first year of the guarantee,

- 0.50% for years 2 and 3 of the guarantee,

- 1% for 4-6 years warranty.

    The risk fee is covered by the aid in the form of a grant received by the beneficiary during the guarantee validity period.

HOW TO ACCESS THE FINANCING
  • Step 1:

- register the application online on the website www.imminvest.ro, choose UniCredit Bank as the partner bank and select one of the options: IMM INVEST Porgram or AGRO IMM INVEST Subprogram;

- fill in the online identification data and attach the SME Declaration in pdf format (filled in and signed using the format from Annex 1 of Low no. 346/ 2004) or the Declaration regarding the small enterprise with a medium market capitalization,  together with the Unique Registration Certificate and the Identity Card; useful statements in order to complete the documentation can be downloaded from the website www.fngcimm.ro/imm-invest

- apply for one or more facilities (investment credit and / or working capital credit) up to a maximum of LEI 10,000,000, representing the maximum cumulated value of the state-guaranteed financings that can be granted to a beneficiary. The maximum value of loans / credit lines for financing working capital is 5,000,000 LEI, and for investment loans is 10,000,000 LEI.

- FNGCIMM issues the in principle agreement regarding the eligibility within the program, as well as the registration number (RUE Code).

  • Step 2: FNGCIMM analyzes the data, following to issue in principle agreement regarding the eligibility within the program, as well as the registration number (RUE Code), or to reject the application. This information will be sent by FNGCIMM to UniCredit Bank. In case the application is rejected by FNGCIMM, the process will end with the information of the applicant by FNGCIMM.

  • Step 3: The bank analyzes the application and decides on granting the financing. In case of approval, we send the guarantee request to FNGCIMM.

  • Step 4: FNGCIMM approves the guarantee and sends Guarantee Agreement and Financing Agreement to the Bank, the documentation related to the loan following to be signed with the client.

  • Step 5: The bank will make the credit available for expenses related to or economically related to the financed NACE code on the basis of supporting documents (eg: supply contracts, invoices, salary statements, addresses from authorities with amounts due to the general consolidated budget, etc.).

About the grant program for pandemic affected SMEs:

 

The program supports authorized individuals (PFAs), individual medical practices (CMIs), NGOs, micro and small and medium-sized enterprises (SMEs) affected by the COVID-19 pandemic in accessing grants from European non-reimbursable funds, totaling 1 billion euro, through the Operational Competitiveness Program (POC) 2014 - 2020 (regulated in Emergency Ordinance no. 130/2020 on some measures for granting financial support from non-reimbursable external funds, related to the Competitiveness Operational Program 2014-2020, in the context of COVID -19 caused crisis, as well as other measures in the field of European funds).

The state aid scheme granted by GEO 130/2020 administrator is the Ministry of Economy, Energy and Business Environment (MEEMA).

Grants will be awarded for financing contracts signed until December 31, 2020.

The state aid scheme provides 3 forms of support:

  • Micro-grants in amount of 2,000 euros (fixed amount) granted from non-reimbursable external funds in the form of a lump sum.

  • Grants for working capital between 2,000 euros and 150,000 euros granted to beneficiaries in the form of a lump sum and depending on their 2019 turnover.

  • Grants for productive investments granted to SMEs between 50,000 euros and 200,000 euros, depending on financing needs mentioned in submitted investment projects.

 

You can now apply for working capital grants here.

PROGRAM BENEFITS
  • You receive the non-refundable funds directly in your Bank opened account
  • The entire relationship with the authorities (application to the program, evaluation of the application, approval and signing) takes place online
  • Offers grants for both current expenses and investments
GENERAL ELIGIBILITY CRITERIA

General eligibility criteria for funding requesting beneficiaries under the state aid scheme measures:

  • The eligibility criteria and the list of eligible fields of activity can be found in the specific legislation GEO no. 130/2020, with the subsequent completions and modifications. You can find eligibility criteria here.

For bank financing, it is also necessary to meet the eligibility criteria related to the lending process.

Types of grants

FIXED AMOUNT MICROGRANTS

Value: 2,000 euros and is granted only once. 

Eligible beneficiaries:

  • SMEs with no employees at 31.12.2019;

  • PFA, NGO, with economic activity in the fields provided by Annex no. 1 of GEO 130 

  • PFA, CMI, which were involved in the transport, equipment, evaluation, diagnosis and treatment of patients diagnosed with COVID-19, who did not benefit from medical incentive granted based on GEO 43/2020 approved with amendments and completions by Law no. 82/2020.

 

Cumulative eligibility conditions to be met by the beneficiaries:

  • have carried out current / operational activity for a period of at least one calendar year before the date of funding application submission, except for PFA / CMI for which the activity start may take place until 01.02.2020;

  • obtained a turnover in the financial year prior to financing application submission of at least the LEI equivalent of 5,000 euros at the date of financing application submission, except: PFA, CMI, NGO.;

  • they maintain their activity for at least a 6 months period from the granting of the microgrant.

 

Eligible expenses:

  • expenses regarding the stocks of raw materials, materials, goods, as well as other categories of stocks necessary for the current / operational activity carried out by the beneficiaries;

  • current and overdue debts to current suppliers, including to utility providers according to concluded contracts;

  • rent based on a concluded contract expenses;

  • expenses regarding the acquisition of services and repairs necessary for the basic current activity, except for consulting services, studies and other categories of indirect services with the current activity;

  • expenses for medical protective equipment, including disinfection materials for protection against the spread of SARS-CoV-2 virus;

  • expenses regarding acquisition of inventory objects, including inventory objects of the nature of fixed assets necessary for current activity resumption;

  • expenses regarding acquisition of equipment, machinery, installations, technologies, independent endowments necessary for activity resumption;

  • payment of state budget debts expenses.

 

Steps for accessing the grant:

  1.  Submit the funding application in MEEMA developed application dedicated to this program here. To register you can follow the instructions described here

  2. When submitting, indicate UniCredit Bank as partner bank through which you wish to receive the grant.

  3. MEEMA analyzes the application and, if it is approved, also issues the financing contract.

  4. Sign the financing contract with MEEMA through the Agency for SMEs.

  5. You must open a special purpose account at UniCredit Bank to collect the grant there.

  6. MEEMA tranfers the grant to UniCredit Bank.

  7. UniCredit Bank will transfer the grant to your special account within a maximum of 7 days period from receiving the money from MEEMA.

  8. You make the payments for the eligible expenses according to GEO 130/2020.

  9. Submit a progress report on the expenses incurred within 90 days from the receiving grant date.

  10. MEEMA monitors the indicators fulfillment and verifies by sample the use of received non-reimbursable funds.

 

The financing applications submitted within the project calls will be selected in the order of submission by the principle of “first in - first served”, respecting the eligibility criteria.

WORKING CAPITAL GRANT

Value:

  • 2.000 euros for SMEs with a 2019 turnover between 5,000 and 13,500 euros

  • 15% of turnover, not more than 150.000 euros, for SMEs with a 2019 turnover between 13.501 and 1.000.000 euros

  • 150.000 euros for SMEs with a 2019 turnover > 1.000.000 euros

Important:

  • The working capital grants value does not include the beneficiaries co-financing of at least 15% of the requested grant value.

  • Beneficiaries must have co-financing of at least 15% of the requested grant value at the date of using the working capital grant (when signing the financing contract with MEEMA they will have to deposit the co-financing amount, after which they will receive the grant in the account, from where they will make payments).

Eligible beneficiaries:

  • Small and medium sized enterprises (SMEs):

-        operating in Annex 2 to GEO 130 detailed fields (eg: restaurants, hotels, cafes, food industry and other activities assimilated to it, transport services, travel agencies, publishing houses / bookstores / libraries, creative industries, organizers of events);

-        obtained emergency certificates based on GEO 29/2020

-        they registered an operational profit from current activity (from exploitation activity), in one of the last two financial years before submitting the financing application for obtaining the grant, according to submitted financial statements;

-       have co-participation in working capital establishment of at least 15% of grant value at working capital grant disbursement date;

-        maintain or, as the case may be, supplement the number of employees, compared to the application submission date, for a period of at least 6 months, from the date of the grant, except in situations where individual employment contracts are concluded for seasonal and / or day laborers.

  • Non-Governmental Organizations (NGOs): with economic activity in education field.

If a beneficiary of state aid provided in art. 12 is part of the category of related enterprises and has submitted several applications for financing to obtain the necessary working capital grant, the cumulative value of the working capital grant to be awarded may not exceed 250,000 euros equivalent in lei on the grant payment date. If a beneficiary of state aid with related enterprise status does not fall into the category of SMEs and has submitted a single application for financing, the amount of the working capital grant may not exceed 150,000 euros on the grant payment date.

 

Eligible expenses:

-          expenses regarding the stocks of raw materials, materials, goods, as well as other necessary categories of stocks;

-          current / operational activity of the beneficiaries;

-          current and overdue debts to current suppliers, including to utility providers, according to the concluded contracts;

-          expenses regarding the rent based on a concluded contract;

-          expenses regarding the acquisition of necessary services for the current activity, excepting consulting services, studies and other categories of indirect services;

-          expenses for medical protection equipment, including disinfection materials for protection against the spread of SARS-CoV-2 virus;

-          expenses regarding the acquisition of inventory objects, including inventory objects of the nature of fixed assets necessary to resume the current activity;

-          expenses regarding the acquisition of equipment, machinery, installations, technologies, independent endowments necessary for the resumption of the activity;

-          expenses regarding the payment of debts to the state budget.

 

Steps for accessing the grant:

  1. Submit the funding application in the application dedicated to this program developed by MEEMA. For registration you can follow the instructions described here

  2. At submission, indicate UniCredit Bank as the partner bank through which you want to receive the grant;

  3. MEEMA analyzes the application and, if it is approved, issues the financing contract;

  4. Sign the financing contract with MEEMA through the Agency for SMEs;

  5. You must open a special purpose account at UniCredit Bank to collect the grant there;

  6. MEEMA transfers the grant to UniCredit Bank;

  7. UniCredit Bank will transfer the grant to your account within maximum 7 days from receiving the money from MEEMA;

  8. You make the payments for the eligible expenses according to GEO 130/2020;

  9. Submit a progress report regarding the incurred expenses within 180 days from the date of receiving the grant;

  10. MEEMA monitors the fulfillment of the indicators and verifies by sample the use of the non-reimbursable funds received;

GRANTS FOR INVESTMENT

Value:  between 50.000 euro and 200.000 euro and are granted according to the financing needs of the submitted investment projects. 

Eligible beneficiaries:

        Small and medium enterprises (SMEs) which:

  • invest in the areas of activity detailed in Annex no. 3 to GEO 130; 

  • had current / operational activity for at least one year before submitting the financing application;

  • have registered operational profit from the current activity, respectively from the exploitation activity in one of the financial years from the last 2 years before the submission of the financing application;

  • undertakes to ensure the project sustainability, respectively to ensure the development of the operational / current activity for a period of at least 3 years after the expiration of the project implementation period;

  • achieves at least 50% of the value of the revenues planned within the business plan linked to the financing request in the first 2 years of project sustainability, and the difference until the end of the sustainability period, respectively the third year;

  • have their own co-financing of the project in a percentage of minimum 15% of the value of the investment project requested for financing for the less developed regions and for Bucharest-Ilfov region of minimum 30% of the value of the project requested for financing;

  • undertakes to present proofs for reasonability of the costs related to the investments for which is requested state aid.

 

Eligible expenses:

  • expenses with the execution / acquisition of constructions, acquisition of equipment, including IT&C, software technologies, equipment, installations, technologies, independent endowments, office furniture and specific furniture, land acquisition within 10% of the eligible value of the project, expenses with consulting and design, project management, technical assistance, site management, systematization and land use planning expenses, environmental expenses, expenses related to utilities, accessibility expenses, promotion expenses, participation in fairs, events, conferences, study expenses, intellectual property rights expenses, intangible assets related to patents, product brands, software necessary to carry out the activity, as well as any other categories of expenses which are related to the investment project object of the financing contract;

  • expenses for the execution of medical equipment warehouses, medicines, sanitary materials destined for the intervention for emergency situations;

  • expenses with the acquisition of equipment, including IT&C equipment, software technologies, technologies, equipment, -        installations, independent endowments, office and specific furniture, inventory objects of the nature of fixed assets for the existing production / service units, as well as intangible assets related to patents, product brands, software necessary for current activity.

  • The beneficiaries of grants for productive investments in the transport services area can also use non-reimbursable external funds for financing the following categories of expenses:

  • expenses with the rehabilitation / modernization / extension and / or execution of some depots for the existing transport means or for those to be purchased;

  • expenses with the acquisition of transport means for the transport of persons and goods necessary for carrying out transport activities, except taxi or those for administrative activities of the economic operator or transport activities in their own interest;

  • expenses regarding the endowment of the existing transport means with equipment and technologies which lead to improving the comfort / quality of the transport services for passenger and goods.

Important:

  • For investment projects, the selection criteria include the return on investment projects (IRR), the value of co-financing, the ratio between the operating profit and the requested grant, the CANE code. Download the selection criteria here.

 

Steps for accessing the grant:

  1. Submit here the funding application in the application dedicated to this program developed by MEEMA; 

  2. At submission, indicate UniCredit Bank as the partner bank through which you want to receive the grant;

  3. MEEMA analyzes the application and, if it is approved, issues the financing contract;

  4. Sign the financing contract with MEEMA through the Agency for SMEs, within which you will also establish the implementation method (through a classic reimbursement mechanism or through direct settlement mechanism for payment requests);

  5. Must open a special purpose account at UniCredit Bank to collect the grant there;

  6. If case, apply for bridge loan and / or investment loan for co-financing the project;

  7. Implement the project and after making the eligible expenses according to the approved budget send the reimbursement / payment requests to MEEMA;

  8. MEEMA transfers the grant to UniCredit Bank;

  9. UniCredit Bank will transfer the grant to your account within maximum of 7 days from receiving the money from MEEMA, based on approval of the reimbursement / payment requests approved by MEEMA;

  10. Submit a progress report on the expenses incurred within 180 days from the date of receipt of the grant;

  11. Submit annually to MEEMA during the implementation of the project (and 3 years from the completion of the implementation) sustainability reports of the project;

  12. MEEMA monitors the fulfillment of the indicators and verifies by sample the use of the non-reimbursable funds received;

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