The European Investment Bank (EIB) and Banca Comerciala Romania S.A. (BCR) signed a further EUR 50 million loan agreement to finance projects to be carried out by small and medium-sized enterprises (SMEs), midcap companies and public entities in Romania.
The EIB loan will co-finance projects contributing towards regional development and the productivity of SMEs and midcap companies in Romania involved in industry and services. Energy efficiency investments carried out by SMEs will also receive grant support from the European Commission (EC) under the SME Finance Facility Energy Efficiency Window, which provides for cooperation between the EIB and the EC to reduce CO2emissions in construction and industry.
Mr Mihai Tanasescu, EIB Vice-President responsible for Romania, commented: “It is an EIB priority to improve the access of SMEs, midcap companies and municipalities to long term finance and contribute to strengthening of their competitiveness. At the same time, EIB funds will foster implementation of priority projects being significant for the development of the Romanian economy”.
This loan is in line with the EIB’s priority to support Europe’s SMEs to help mitigate the effects of the financial crisis. To this end, the EIB is joining forces with well-established financing institutions, like BCR, that know the local market and have SMEs, midcap companies and public entities as their customers. This loan builds on the EIB’s successful cooperation with BCR. Together with previously granted loans, the Bank has now provided EUR 300m of support to BCR for the financing of priority projects.
Mr Wolfgang Schoiswohl, BCR Vice-President responsible for Corporate Banking stated: “BCR's agreements with EIB turn into loans to companies in the real economy. Together with EIB, BCR is providing accessible financing to help investments, enhance productivity and support employment for sustainable economic growth. Our cooperation is further aimed at supporting the absorption of EU funds in Romania, as more than 75% of EIB funds are allocated to projects developed with EU financing.”
Since 2000, BCR has been involved in supporting Romanian SMEs develop viable projects through competitive financing schemes, together with international partners. BCR has financed so far over 10,000 such projects, for which the total co-financing value surpasses EUR 1 bn.
Background
The European Investment Bank is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Banca Comerciala Romana (BCR), a member of the Erste Group, offers a full range of financial products and services, through a network of 41 corporate commercial centers and 622 retail branches and agencies. BCR is the No. 1 bank in Romania assets-wise (over EUR 16 billion worth), the No. 1 bank according to the number of clients and the No. 1 bank on the saving and lending segments.
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