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.
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
