The European Investment Bank (EIB) and three Romanian banks (Raiffeisen Bank, Banca Comerciala Romana (BCR) and ProCredit Bank) signed agreements which should generate financing of €246mn to support small and medium enterprises (SMEs) in the country, the European Commission said on May 17.
More than 4,300 SMEs and start-ups in Romania should benefit from better access to financing due to the agreements, which form part of the SME Initiative in Romania, a joint financial instrument of the European Commission and the EIB Group which was set up in Romania in October last year. The initiative was designed to increase lending to the real economy, create jobs and stimulate growth. It is expected that circa €540mn of new SME financing will be provided through the scheme.
"I am glad to see that the SME Initiative helps small enterprises in Romania. SMEs play a crucial role in the economy of the country and that of Europe: they create jobs in local communities and introduce innovative products on the market," EU Commissioner for Regional Policy Corina Cretu said.
Romania is contributing €100mn from its European Structural and Investment Funds (ESI Funds) to this EU initiative, which will be leveraged with commercial lending through a risk-sharing mechanism.
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