WOOD Flash – Romania macro: our take on the Romanian Recovery and Resilience Plan
Romania has been allotted EUR 29bn through the Recovery and Resilience Facility, which will be making EUR 673bn available to EU member states. To benefit from the facility, all the countries need to implement a set of reforms and investments by 2026E. At the beginning of June 2021, the Romanian government published its National Recovery and Resilience Plan (NRRP), which was sent to the European Commission. The plan is much more detailed than the previously released versions, and includes investments and reforms that affect some of the listed companies in our coverage, especially those in the energy sector. In this flash note, we focus on the reforms targeting the energy market and detail the planned investments involving the listed companies, also touching briefly upon the fiscal reforms included in the plan. The plan is being reviewed by the European Commission currently, and we expect to see some changes. We will return with further details if any of the points that we refer to here are modified.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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