The European Investment Bank (EIB) is granting a 100 million loan euro to CEC Bank Romania to co-finance projects to be carried out by SMEs, mid-caps and public sector companies in the industrial and services sectors, including tourism and infrastructure, announces the EIB.
This loan is in line with the EIB’s priority of improving European SMEs’ access to affordable finance for their activities and follows another 45 million euro loan provided to CEC Bank last year, funds which were allocated to similar projects. Under the previous agreement with the EIB, CEC Bank financed projects involving more than 100 SMEs in fields such as manufacturing, agriculture, trade, services, construction and green energy production.
“By signing this new agreement, CEC Bank is continuing with its policy of supporting SMEs, mid-cap companies and local public administration authorities (LPAAs) that intend to implement investment projects in various areas. The previous EIB loan has been successfully allocated in support of Romanian companies, and that is why I can safely say that today’s agreement will help our customers to develop in this competitive environment and CEC Bank to increase its lending in this segment”, said Radu Gratian Ghetea, CEC Bank President in a press release.
Currently the EIB is financing Romanian SMEs through 14 financial intermediaries operating in both the public and private sector. In 2013 alone, the EIB granted 174 million euro in SME financing, benefiting SMEs employing some 41 000 people.
The EIB supports SME investment in Romania under the Joint IFI Action Plan for Growth in Central and South Eastern Europe, which is focused on providing better access to long-term finance for Europe's SMEs in a difficult economic environment.