Bancherul - BANCI / ENGLISH / Raiffeisen Bank borrows EUR 45 million from European Investment Bank to credit Romanian small and medium enterprises

Today, Raiffeisen Bank and the European Investment Bank (EIB) signed a EUR 45 million financing agreement, in Bucharest - EUR 30 million for Raiffeisen Bank Romania and EUR 15 million for the Raiffeisen Leasing subsidiary. The financing lines are addressed to finance projects promoted by SMEs, mid-cap companies and municipalities in Romania, said the bank in a statement.

EIB funds will co-finance both investment, as well as working capital projects in the areas of industry and services, as well as small and medium-scale infrastructure schemes promoted by local authorities.

Mr. Mihai Tanasescu, EIB Vice-President, commented: “Both EIB loans are designed to decrease the impact of the financial crisis on the SME and mid-cap sector through improved availability of long term finance provided under favourable terms. This will contribute to the strengthening the competitiveness of the Romanian economy”

„The loan is addressed to SMEs and mid-cap entities, but can also be used for local authorities. Due to the more favorable pricing conditions, the bank will be able to better support its customers in their investment plans or working capital needs. This new loan fully meets Raiffeisen Bank’s strategic objective and commitment to facilitate access to programs that our clients need and to the further developement of the Romanian economy” said James Stewart, Vice-President of Raiffeisen Bank Romania.

Both Raiffeisen Bank’s loans and Raiffeisen Leasing's financing from the EIB credit line have advantageous pricing and will be granted for medium and long term. The lending and leasing products will be provided to companies and local authorities via Raiffeisen Bank's network starting in December.