The European Investment Fund (EIF) has signed agreements with five banks to support Romania’s small and medium-sized enterprises (SMEs). The series of uncapped direct guarantees totalling €1 billion is backed by the InvestEU Member State Compartment in Romania and the Recovery and Resilience Facility Romania (RRF RO) and represents an ambitious venture aimed at enhancing sustainability and competitiveness for businesses across the country. The banks, Banca Comerciala Romana, Banca Transilvania, CEC Bank, Raiffeisen Bank and ProCredit Bank are well-known EIF partners, having successfully implemented various EIF mandates in the past, such as the SME Initiative Romania (Initiativa pentru IMM-uri). Thanks to the Sustainability Guarantee the partner banks will be able to further support a green and sustainable transformation of the economy, and finance environmentally-friendly, green and inclusive investments of the end beneficiaries. The SME Competitiveness Guarantee will enable the partner banks to facilitate access to finance for a broader spectrum of companies and industries, with loan terms which would not be offered in the absence of the guarantee. “We’ve been working hard with the Romanian government and the European Commission to make sure that Romanian businesses can get the support that they need during these difficult times. Today’s five agreements will translate those efforts into real access to finance on the ground, helping SMEs pursue their growth ambitions, driving economic progress and fostering a greener future,” said EIF Deputy Chief Executive Roger Havenith. With financing available in both RON and EUR, this endeavour will bolster cohesion regions in Romania, fostering business growth and expansion, supporting value chains, sustainable infrastructure products and services, renewable energy and energy efficiency, and clean transport, while propping up the Romanian financial ecosystem. The EIF guarantee enables its partner banks to offer improved financing terms such as lower interest rates, reduced collateral requirements and reduced down-payment requirements for investment loans. Moreover, thanks to the EIF guarantee, banks can offer longer maturities and increased financing volumes and support excluded segments such as start-ups, which would not have been targeted without the guarantee. The uncapped direct guarantees are part of the InvestEU portfolio guarantee products under the InvestEU Member State Compartment in Romania. Funded through Romania’s Recovery and Resilience Fund, this initiative comprises two vital components: the RRF RO SME Competitiveness Guarantee and the RRF RO Sustainability Guarantee. These programmes are pivotal in advancing Romanian businesses’ competitiveness and steering the nation towards sustainable economic growth.
President Nicușor Dan, in office for roughly three months, attended the Salzburg Industrialists' Summit, the most important reunion of the Austrian business community, urging them to invest in Romania. Specifically, the president emphasized the strategic opportunities in the defense, energy, infrastructure, and logistics sectors. “Romania is significantly expanding its defense industry. Our sector offers real […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
The Drapers' Bastion in Brașov, built between the years 1450–1455, will be restored with European funds. The urban landmark will become an interactive museum integrated into the tourist circuit. The rehabilitation of the Drapers' Tower will support not only tourism but also the construction sector, contributing to the economic and cultural revitalization of Brașov, according […]
The National Meteorological Administration (ANM) has issued a code-red warning for persistent and intense heat from July 26, 10:00 AM to July 27, 10:00 AM for the regions of Banat, Oltenia, most of Muntenia, and southern continental Dobrogea. Day temperatures are expected to reach between 39 and 43 degrees Celsius, while the temperature-humidity index is […]
The fifth edition of Jazz Bastion will bring three concerts to the Weavers' Bastion in Brașov, featuring musicians from Romania, Ireland, and Switzerland. This year's edition "highlights the cultural diversity of music, which always brings together artists and audiences alike, regardless of language, nationality or affinities," the organizers explained. The public can attend performances by […]
