EIB supports with 190 million Euro the companies most affected by COVID-19 in Romania
· CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease will manage the accelerated response program
· Funding to support the production, trade, agriculture and tourism sectors that have been hardest hit
Several hundred of Romanian companies will benefit from the new financing dedicated to the private sector, amounting to 190 million Euro, granted by the European Investment Bank to support the sectors most affected by COVID-19 from an economic, social and health point of view.
“Supporting companies throughout Romania to continue investing is essential for Romania to overcome the economic, social and employment difficulties caused by COVID-19. Responding to the request of European finance ministers, the European Investment Bank, the EU bank, responded quickly to solve problems across Europe. I welcome this significant new initiative of EUR 190 million, which will provide dedicated financial support to companies across the country in cooperation with major financial institutions. The new scheme is better and more flexible. It allows for working capital expenditure, including, inter alia, for the payment of wages, social security and taxes, without imposing a minimum maturity, in order to mitigate the economic impact of COVID-19. The European Investment Bank is an essential partner for Romania in this difficult period “, said Vasile-Florin Cîțu, Minister of Public Finance of Romania and Governor of the European Investment Bank.
The initiative involves a package dedicated to supporting economic resilience in the context of COVID-19, granted to Romania by the European Investment Bank. Ensuring access to finance is crucial to protect jobs, unlock economic investment and facilitate economic growth.
“Since the beginning of the COVID-19 pandemic, the European Investment Bank has worked closely with important local financial partners to find my best solutions to support the companies that have been most vulnerable to the pandemic. Companies from all over Romania can apply immediately for individualized support under the EUR 190 million program. In the coming weeks, our partners in Romania – CEC Bank, Intesa Sanpaolo Bank Romania, UniCredit and Sogelease – will determine how companies can access new working capital financing, economic investment and leasing financing, as well as to cover their costs. with salaries, taxes and social security. The EIB is committed to supporting private sector investment in Romania and around the world and working with local partners to strengthen the economic resilience affected by COVID-19. As the new EIB Vice President responsible for operations in Romania, I look forward to supporting transformation investments across the country in the coming years and to further strengthen the EIB’s close cooperation with Romanian partners, “said Christian Kettel Thomsen, Vice President of the EIB. European Investment Bank.
EUR 190 million immediately available through financial partners in Romania
The EIB’s response will be implemented by important Romanian financial institutions: CEC Bank, Intesa Sanpaolo Bank Romania, UniCredit and BRD SOGELEASE, and will allow SMEs and midsize enterprises across the country to benefit from working capital, leasing financing and capital investments.
Romanian companies will be able to benefit from the new financing both in lei and in euros.
The EUR 190 million program is available immediately and companies can apply through subsidiaries across the country.
Individualized support for the sectors most affected by COVID-19
The new funding program for economic resilience affected by COVID-19 will help the companies most affected by economic uncertainty and pandemic difficulties.
The companies from the production, trade, agriculture, tourism and transport sector will benefit from a range of financial products granted by the four Romanian partner institutions: CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease. The general impact of the financing schemes will be strengthened by the diverse clientele and by the different financing granted by the three partners.
The certainty that Romania benefits from the EIB’s global response to the COVID-19 pandemic
The four Romanian partner institutions have clients throughout the country. It is estimated that more than 85% of new investment supported by financing schemes will be made in companies located in cohesion regions.