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The multiple beneficiary intermediated loan (MBIL) will finance investments promoted by public sector entities in Romania.
The aim is to support projects mainly located in the Just Transition regions of Romania.
The operation focuses on financing via EIB's Multi Beneficiary Intermediated Loan the infrastructure projects promoted by public authorities or private entities with a public-service mission predominantly in the JT regions of Romania under the PSLF facility. This facility includes both a grant and a loan component. The grant, provided by the European Commission, amounts to 25% of the EIB loan, in compliance with the 90% cumul rule. Additionally, projects located outside JT territories may also be financed under this MBIL; however, in such cases, the EIB loan is capped at a maximum of 50% of the project cost, and no EC grant is provided.
The CEC Bank is among the leading banks in Romania, and is fully-owned by the Romanian State, represented by the Ministry of Finance. It also has the largest network among Romanian banks with more than 1,000 branches and agencies. Targeting the public sector is expressly embedded in CEC Bank's mission and it is one of the most active lenders to the public sector entities in Romania, with extensive experience in structuring and offering integrated financial solutions addressing the needs of this specific customer segment.
The EIB loan can be disbursed with a long maturity, at favourable conditions and in local currency. The benefits of the EIB loan will be extended to the final beneficiaries for their long-term investment projects.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.