EIB moves to support Romanian businesses and municipalities as Vice-President Tsakiris visits Bucharest

  · EIB signs guarantee accords with three banks under Resilience and Recovery Fund (RRF) Romania. · RRF guarantees of €98 million expected to leverage €750 million in loans. · EIB Vice-President Ioannis Tsakiris meets Romanian finance, investments and transport ministers as well central bank head.   European Investment Bank (EIB) Vice-President Ioannis Tsakiris met Romania’s political leadership and business representatives in Bucharest today to discuss priorities for economic growth as the EIB entered new agreements to support companies in the country.   The EIB signed guarantee agreements with Banca Comerciala Romana, Raiffeisen Bank and UniCredit Bank under the Resilience and Recovery Fund Romania. The guarantees totalling €98 million with the three banks aim to help Romania's large enterprises, including large mid-caps, and small municipalities invest in climate action and the digital transformation. The guarantees will enable the partner banks to offer more favourable loan terms, triggering as much as €750 million in new lending.   “We continue to deploy resources where they are needed, supporting Romania and addressing its key priorities,” Tsakiris said. “I had the opportunity to meet and engage with our partners in the Romanian government, and in the business community, and I am proud that our joint forces, financing and project implementation, will shortly bring tangible benefits for businesses and citizens.   The guarantees come on top of a total €1.4 billion EIB contribution to RRF implementation in Romania. The EIB's RRF support to date has been for the co-financing of two motorways -- the A3 and A7 -- in the country.   ”We are working very closely with EIB on priorities such as infrastructure, jobs and skills, health and the green transition, which will ensure European competitiveness and economic resilience,” said Romanian Minister of Finance Marcel-Ioan Bolos. “Reflecting on our goals, as well as on the importance of connectivity for the country’s development and in Europe, I would like to offer a reminder of the  €1.4 billion sum that was already signed with EIB for safer road transport, including €1.2 billion for the A7 motorway and €200 million for the A3 motorway. These operations, part of a €4 billion financing request to co-finance projects in the transport and health sectors, backed by EU funding, namely the Recovery and Resilience Facility and the multiannual financial framework, are advancing very well. Furthermore, EIB Group is an active partner in implementing financial instruments and promoting access to finance, complementing our national budget measures and actions.”   In Romania in the first half of 2024, EIB financing has surpassed €754 million for operations with the public, corporate and banking sectors in the fields of transport, education, energy and small and medium-sized enterprises.   EIB activity in Romania   Romania was among the top beneficiaries of EIB Group support in 2023 relative to the size of its economy. New financing committed last year reached a record high of €4.1 billion, which corresponds to around 1.3% of Romania’s gross domestic product.   În total, the EIB has committed more than €19 billion in financing for 193 projects in Romania since the start of its operations in the country in 1991. Highlights from last year’s results include over €2 billion worth of agreements to facilitate access to finance for Romanian SMEs and mid-caps, including în agriculture, over €1 billion for sustainable energy and natural resources, and over €1 billion for sustainable cities and regions.     Background information   The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policyobjectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.   The EIB Group, which also includes theEuropen Investment Found (EIF), signed a total of 88 billion euro în new financing for over 900 projects în 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.   All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Clomate Bank Roadmap.   Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment.   Last year, around half of the EIB’s financing within the European Union was directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.