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BCR signs SME financing agreement with Germany's KFW

Banca Comerciala Romana (the Romanian Commercial Bank BCR) signed with Frankfurt am Main-based KFW a financing agreement worth 20 million euros meant to fund investment projects of the small and medium-sized firms (SME).

'BCR is the main partner of the SMEs in Romania, by also financially backing their development plans', said executive director of the BCR Financial Institutions Department, Ramona Ivan. The BCR will use the funds drawn from KFW to fund the investments of the existing or newly-established SMEs in such sectors as the processing industry, the arts and crafts industry, trade and other industrial services that need medium- and long-term financing. The financing facility is granted for five years, out of which the grace period is one year. BCR, a member of Austrian Erste Group Bank, is a universal bank, being the most important Romanian banking institution, managing assets worth more than 17.5 billion euros. The bank offers the entire range of products and services, currently operating 583 branches and retail agencies all over Romania. BCR is the most important financial group in Romania at present. Sursa: http://www.rompress.ro

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