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October 1, 2020
BUSINESS

EIB lends EUR 45 M to CEC Bank to support SMEs, mid-caps and Public Sector Entities

The European Investment Bank (EIB) is lending EUR 45 million to CEC Bank Romania to finance projects of SMEs, Mid-caps and public sector entities in the areas of industry, services, including tourism and infrastructure, a press release informs. The first instalment of the loan is EUR 15 million. Mihai Tanasescu, EIB Vice-President responsible for lending operations in Romania, commented: “(…) This represents further support under favourable conditions for projects implemented by these companies (e.n. SMEs and mid-cap companies) that are crucial for the development of the Romanian economy, particularly in terms of creating new job opportunities and fostering economic growth and competitiveness”. This loan will help to reduce the effects of the financial crisis and support growth by fostering economic restructuring, consolidation and diversification as well as enhancing long-term competitiveness through the increased availability of long-term loans.
EIB vice president Mihai Tanasescu said the bank proposes to assign Romania funds ranging between EUR 800 M and one billion euros in 2013. “We want to make the CEC a type, a kind of development bank for Romania”, said Tanasescu, who announced that the EIB overall Romanian exposure hit EUR 10 bln. He explained he would be meeting the Romanian agriculture minister later in the day to discuss the extension of funds towards the farming companies.
Radu Gratian Ghetea, CEC Bank President, declared: “By concluding this partnership, CEC Bank continues to support the SMEs, Mid-cap companies and Local Public Administration Authorities (LPAA) which intend to implement investment projects in various areas. Our bank confirms once more that our involvement in supporting companies, contributes to the increase of the lending in this segment”. CEC Bank has defined the financing of SMEs and LPAAs as a strategic priority, the companies representing 63 percent of the bank’s portfolio at the end of 2012.

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