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    Reference: 20210807
    Release date: 7 October 2022

    Promoter – Financial Intermediary

    GARANTI BANK SA

    Location

    Description

    The project consists of a loan for financing eligible projects promoted by small and medium sized enterprises (SMEs) and Midcaps in Romania.

    Additionality and Impact

    Operation aims to help mitigate market failure of SME and Midcaps' insufficient access to long term funding for their investments at low financing costs. By addressing these market gaps, which are more acute in Romania compared to EU average, project in particular supports strengthening of EU's economic, social and territorial cohesion (85% expected to be implemented in cohesion regions). The Small size of SMEs makes them more vulnerable to economic cycles and more constrained in opportunities for growth. Most important contributions of EIB loan will be: long term funding in local currency, diversification of external funding, and signalling effect for other financiers to provide similar long-term loans to Borrower. Finally, 30% of the loan amount will be specifically dedicated to Climate Action.


    Objectives

    Enhance access to finance for SMEs.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 24 million

    Total cost (Approximate amount)

    not applicable

    Environmental aspects

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Procurement

    Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

    Status

    Signed - 19/06/2023

    Milestone
    Under appraisal
    Approved
    Signed
    6 June 2023
    19 June 2023

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Romania Credit lines