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Financing granted by EximBank grew by 20% in first 9 months

The financing granted by EximBank in the first 9 months of the year grew by 20% against the end of 2009, and against an average growth of 6.2% per banking system, while guarantee engagements increased by 16% in the same period, according to a press release of the bank.

'We consider we have made significant progress in EximBank's involvement in supporting companies and I would like to point out the fact that in the 2009-2010 period of effective crisis, the volume of guarantees granted to companies grew 5 times against 2008, while the credit sale doubled,' said Ionut Costea, the president of EximBank.

Costea says the high degree of uncertainty in foreign markets determined exporters to look for special instruments for the reduction of specific risks which led to the increase of EximBank activity in the insurance segment by 175% this year. The average interest rate for credits granted by the bank vary around 9.5%, when the average interest rate for credits in lei in the first 8 months of 2010 was 12.14% per banking system for non financial companies.

'The reorganization of activity carried out by the bank, a process focused on cutting expenses and improving internal flows has contributed to a large extent to obtaining these results. Now we are ready to receive requests from companies which need financing, guarantees or insurance. We know that economic agents still hesitate to work with a state bank. I can only encourage them to use EximBank and see that the bank's attitude towards clients has changed, red tape was reduced and the product portfolio was adapted to market demands,' Costea added.

Exim Bank is a specialized institution whose product portfolio, based on three directions of action – financing, guarantee and insurance, allows the bank to support the exporters' activity and development, small and medium companies with projects in priority fields for economic development, especially those which contribute to the absorption of European funds.The bank's financing package includes both standard credits for current activities or for investments and specific products with state aid character: credits with subsidized interest rate and the partial compensation of interest rates which allows the recovery of 5% of the interest rates paid for investment credits in lei contracted by banks.

Sursa: http://www.actmedia.eu

Tags: companies interest credits months first granted eximbank financing

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