BUSINESS

CEC Bank-EIF agreement for SMEs financing

CEC Bank has signed a financing and guarantee agreement with the European Investment Fund EIF, under the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative, a press release informs. The funding will be granted for investments and for financing the working capital of small and medium enterprises. The total amount available for the new loans is of EUR 10 million, RON equivalent, the contribution of each institution being of 50 percent of the granted financing, according to a statement of CEC Bank. CEC Bank posted a gross profit of around EUR 12.4 million in 2013, well above the level in 2012, of some EUR 7.4 million. The bank’s net profit was of EUR 8.6 million.

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