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The European Investment Fund (EIF) announced on October 25 that it signed agreements with five banks to support Romania's small and medium-sized enterprises (SMEs) through a series of uncapped direct guarantees totalling EUR 1 billion. Financing is available in both RON and EUR.
The five local banks are Banca Comerciala Romana, Banca Transilvania, CEC Bank, Raiffeisen Bank, and ProCredit Bank.
"The series of uncapped direct guarantees totalling EUR 1 billion is backed by the InvestEU Member State Compartment in Romania and the Recovery and Resilience Facility Romania (RRF RO) and represents an ambitious venture aimed at enhancing sustainability and competitiveness for businesses across the country," the EIF said.
The EIF guarantee enables its partner banks to offer improved financing terms such as lower interest rates, reduced collateral requirements and reduced down-payment requirements for investment loans.
Moreover, thanks to the EIF guarantee, banks can offer longer maturities and increased financing volumes and support excluded segments such as start-ups, which would not have been targeted without the guarantee.
The European Investment Fund (EIF) is part of the EIB Group. In Romania, the EIB Group delivers between EUR 1 and 1.5 billion every year. Since its inception, the EIF has provided financing worth EUR 3.1 billion through 119 contracts in Romania, while the EIB has provided finance and expertise for 179 investment projects in Romania since 1991, worth EUR 17.73 billion.
(Photo source: Alexandru Marinescu/Dreamstime.com)
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