The European Bank for Reconstruction and Development (EBRD) grants a EUR 15 million loan to Libra Internet Bank, its newest partner in Romania, to increase the support granted to the small and medium-sized enterprises.
Funds will be used by Libra Internet Bank to finance the micro-, small and medium-enterprises (SMEs). The access to financing remains a major obstacle for the development of the private businesses in Romania, a key sector of the Romanian economy in terms of development and creating jobs.
Matteo Patrone, EBRD Director for Romania and Bulgaria, stated: “Improving the access to financing for the micro-enterprises and small enterprises remains a key priority for EBRD’s activity in the country. We are eager to see the results of this loan, because we are planning to increase the support provided to the local private entrepreneurs in the coming future”.
Lucyna Stańczak-Wuczyńska, EBRD Director for EU Banks, added: “This loan will help Libra Internet Bank to develop its business by expanding its activity to new clients. We are confident that this project will become a good example for the manner in which an innovative bank answers to the requirements of the innovative companies in order to create real value”.
“We are confident in successful running our first agreement with the European Bank for Reconstruction and Development, which is a continuation of our efforts to develop innovative and affordable financing products for our clients” stated the Libra Internet Bank General Manager Emil Bituleanu.
EBRD is the largest institutional investor in Romania. In 2017, it supported 29 investment projects amounting to EUR 546 million. 93% of this financing has been granted to the private sector.
Libra Internet Bank was established in 1996 and is controlled by the American investment group New Century Holdings. The bank provides a wide range of products and services, with a particular focus on SMEs, corporations, agricultural field and professionals.