The European Investment Bank (EIB) is lending EUR 45 million to CEC Bank Romania to finance projects of SMEs, Mid-caps and public sector entities in the areas of industry, services, including tourism and infrastructure. The first instalment of the loan is EUR 15 million.
Mr Mihai Tanasescu, EIB Vice-President responsible for lending operations in Romania, commented: “I am very pleased to sign this first EIB credit facility with CEC Bank Romania, adding further to the range of the Bank’s partner financial institutions on-lending EIB funds to SMEs and mid-cap companies in Romania. This represents further support under favourable conditions for projects implemented by these companies that are crucial for the development of the Romanian economy, particularly in terms of creating new job opportunities and fostering economic growth and competitiveness”.
This loan is in line with the EIB’s priority of improving the availability of long-term finance in particular to SMEs. It will also help to reduce the effects of the financial crisis and support growth by fostering economic restructuring, consolidation and diversification as well as enhancing long-term competitiveness through the increased availability of long-term loans. To this end, the EIB is joining forces with well-established financing institutions, like CEC Bank Romania, which knows the local market and has SMEs, mid-caps and public-sector companies among their customers.
Mr. Radu Gratian Ghetea, CEC Bank President, declared: “By concluding this partnership, CEC Bank continues to support the SMEs, Mid-cap companies and Local Public Administration Authorities (LPAA) which intend to implement investment projects in various areas. Our bank confirms once more that our involvement in supporting companies, contributes to the increase of the lending in this segment”.
CEC Bank has defined the financing of SMEs and LPAAs as a strategic priority, the companies representing 63% of the bank’s portfolio at the end of 2012. Regarding this goal, since the beginning of 2013, CEC Bank has received approval from international financial institutions totaling EUR 70 million, representing financing opportunities for corporate clients given in attractive cost conditions and loan reimbursement period adapted to their specific needs. The loan products launched under this partnership will support the investments and increase the productivity. Also, through these products, CEC Bank will be able to support the increase of the european funds absorption, through the co-financing of projects developed with EU financing.
