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BCR and BRD to grant loans under 40-million-euro Romania Micro Credit Facility

The European Bank for Reconstruction and Development (EBRD) will be extending 40 million euros under Romania Micro Credit Facility (RMCF) for small and medium-sized enterprises (SMEs) that will be paid out by Banca Comerciala Romana (BCR) and Banca Romana pentru Dezvoltare (BRD).

EBRD partner lending institutions will grant loans to industrial SMEs that will help them upgrade their technology to meet the European Union standards of environmental protection, health safety and occupational safety. EBRD experts say this type of financial intermediation has proved successful, as it attracted a large number of sub-lenders in the industry, thus increasing the impact of the funds allocated this way. Adding up to the EBRD funds will be 10.2 million euros in funds from the European Union and the Romanian Government for technical cooperation and incentives to intermediaries, including lending institutions. Technical cooperation, which is to get some 1.4 million euros worth of EU and Romanian Government funds, is thought to help prepare eligible projects in accordance with the European legislation in the field, assist the participating banks in understanding the processing of loan applications, inform sub-lenders about the EBRD facility and also make sure the eligible projects are implemented in accordance with the objectives mentioned in the loan applications. Bank Leumi was extended a 10-million-euro credit line in late 2007 by EBRD to grant funding for SMEs. Similar credit lines were also extended to Banca Transilvania and CEC. In 2007, EBRD also started cooperating with non-banking financial institutions as well and offering them support for micro credit activities. As of end-2007, the European Bank for Reconstruction and Development (EBRD) had signed 248 projects in Romania, totalling over 3.5 billion euros. This helped generate an additional 6.4 billion euros from other sources. A total of 70 per cent of investment are in the private sector. Sursa: http://www.rompress.ro

Tags: million credit facility european euros micro romania grant brd bcr euro cec

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