In this period of time, when solutions are being sought for increasing the GDP, our focus must fall on stepping up absorption of European funds, which can have a substantial contribution to resumption of economic growth, EximBank president Ionut Costea believes.
How can an import-export bank contribute to acceleration of drawing European funds?
It is true that for the general public, EximBank is still synonymous to a bank of exporters, which remains only partially valid nowadays. The market’s segmentation and identifying the needs of new potential clients led to a review of the bank’s object of activity over the years, a process that considerably extended the bank’s area of addressability.
As a consequence of expanding its object of activity, EximBank is actively involved in supporting and promoting the Romanian business environment, by using the financial instruments at its disposal to support any type of commercial enterprise, may it be an SME or a large company, an exporter or not.
This is why, EximBank’s main business lines are import-export operations and the investment process. On the one hand, we are dedicated to supporting Romanian exporters, and on the other hand, the product portfolio allows us to support the investment efforts of Romanian companies as well.
The companies with “European” projects fall in this latter category, and for these firms we have a wide range of products and services available. Thus, based on the type of project, EximBank can grant investment loans to co-finance the component that stands for the company’s own contribution. With this product, a company that signed a financing agreement with the management authority can obtain 100 per cent of the value of eligible and non-eligible expenses relevant to its own contribution.
We also offer loans to pre-finance company needs, in order to cover the time delay emerging between payments to suppliers within the project and cash receipts from the management authority. These loans can cover up to 100 per cent of the secured European financing as well. The package also includes comfort letters, an instrument by which the bank voices intention to make available for the company all the necessary funds to support the project, on condition that the project is accepted by the management authority.
Furthermore, EximBank can guarantee loans contracted by the companies from other merchant banks for the implementation of projects supported by structural funds. And there is something I would like to add here: after simplifying procedures to grant state guarantees of up to EUR 1.5 M, now we can answer requests in ten days at most.
For the implementation of this package, we have organised training sessions with the sales staff; therefore, companies and public administrations with EU-funded projects can contact any of the EximBank units for personalised consultancy.
Companies can obtain additional information on the website www.eximbank.ro, where a special section is available, for products destined to enterprises with European-funded projects.