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December 1, 2020
COMPANIES ECONOMY FINANCE&BANKING

CEC, EIB sign funding agreements totalling 145mln euros

CEC Bank and the European Investment Bank (EIB) have signed so far funding agreements totalling 145 million euros for co-financing the projects of SMEs and local public administrations, reads a CEC Bank release issued on Tuesday for Agerpres.
Under the funding conventions concluded with EIB, CEC has extended over 200 loans for funding working capital, as well as for building or purchasing commercial, production and/or storage spaces, purchasing industrial equipment, upgrading of tourism accommodation units and for green energy production.
Through the funding from EIB sources, customers can access products for medium- and long-term investments, benefiting from interest rates with a margin reduced by at least 0.5pct from standard loans and with maturities adapted to the specific funding needs, reads the cited release.
The freshest funding agreement signed with the EIB stipulates also a funding line for youths. Supported this way is the access to funding of the firms that have hired or intend to hire youths aged up to 25, are owned or managed by a young person, offer vocational training to young people or have a cooperation agreement with educational institutions to employ youths.
“CEC Bank is continuing the mission to back SMEs, agriculture and local public authorities by developing modern and affordable banking products that suit the current funding needs of its customers. By concluding financing agreements with the European Investment Bank, our bank facilitates businesses’ access to funding, which is so necessary in order to develop in a highly competitive environment,” said CEC Bank President Radu Gratian Ghetea (photo).

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