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October 27, 2020
BUSINESS

EximBank joins the European club of public banks

EximBank has become a member of the European Association of PublicBanks (EAPB), a move that will allow it to access, at a much faster pace, information on every issue related to the European integration process, and contribute to speeding up the process of drawing structural funds.

EximBank has become a member of the European Association of Public Banks (EAPB), a move that will allow it to access, at a much faster pace, information on every issue related to the European integration process, and contribute to speeding up the process of drawing structural funds.

“This partnership moves EximBank closer to European institutions and thus has a role in opening an important channel of information in view of reaching the bank’s goal of supporting those companies willing to draw Europeanmoney,” said Ionut Costea, President of EximBank.

EAPB brings together banking institutions with European presence,such as Erste Bank or DEXIA, and institutions with a profile similar to EximBank, namely: Bulgarian Development Bank, Hungarian Export-Import Bank, Bank Gospodarstwa Krajowego of Poland, Slovene Export and Development Bank etc. The association aims at promoting and boosting the information, expertise and communication exchange between its members, on matters pertaining to banking and financial legislation, as well as on European economic and fiscal policy.

The product mix created by EximBank in support of companies and public authorities that conduct projects financed on structural funds includes co-financing and pre-financing loans, and non-committal letters of intent or guarantees. With these products, EximBank is able to cover up to 100 pc of the financing needs specific to projects with European financing.

Thus, EximBank provides loansaimed at co-financing the contribution provided by companies.Furthermore, EximBank grants loansfor pre-financing the need of companiesto cover the gap that appears between the moment when they make payments to providers, and thetime when they receive the money from the management authority. The product mix also includes letters of comfort, an instrument expressing the bank’s intention to extend the funds needed by a companyin support of a project, on condition that the project is approved by the management authority. Plus, EximBank can guarantee those credits engaged by companies with other commercial banks, in view of implementing projects on structural funds.

EximBank is a specialised bankthat supports Romanian entrepreneurs with its specific financing, guaranteeing and insurance products. EximBank is the partner of the entrepreneurs willing to develop their businesses, who found in ourbank the confidence and financial support they need.

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