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March 21, 2023

SME Guaranteeing Fund to increase capital by EUR 50 M

The National Fund for Guaranteeing Credits of Small and Medium-sized Industries will benefit from a capital increase worth RON 223 M this year, Fund President Aurel Saramet announced, quoted by Mediafax.

“The capital increase was approved by law and, in the coming days, we will be capitalised, though probably not to a satisfactory extent, but this will allow us to further support companies during this year, which will not be an easy one,” Saramet said in a press conference. According to the Fund official, 70 pc of the capital increase will be cashed in the near future, while the remainder will be supplied on a quarterly basis, as provided by law.

This year, the Fund plans to provide guarantees worth RON 1.8 bln, 9.6 pc above the 2009 level. The guarantees will support credits of RON 3.806 bln, up some 9.5 pc. Starting from the second half of the year, the Fund’s exposure will focus especially on guarantees for development and investment. Last year, the Fund provided guarantees of RON 1.642 bln, 2.5 times more than in 2008, with supported credits reaching a total RON 3.473 bln. By the end of last year, surplus of guarantees stood at RON 1,629 bln, twice the amount of 2008.

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