Hundreds of companies across Romania will benefit from EUR 190 million of new private sector European Investment Bank financing to support sectors most impacted by the economic, social and health impact of COVID-19, the financial institution announced.
”Enabling companies across Romania to continue to invest is essential for Romania to overcome economic, employment and social challenges caused by COVID-19. Following the request of European Finance Ministers, the European Investment Bank, the EU Bank, has rapidly responded to address local challenges across Europe. I welcome this significant EUR 190 million new initiative that will provide targeted financial support for companies across the country in cooperation with leading financial institutions. The new scheme is better and more flexible. It allows working capital expenses including among others payment of salaries, social security and tax, without a minimum maturity requirement to help mitigate the economic impact of COVID-19. The European Investment Bank is a key partner for Romania during these challenges times,” said Florin Cîțu, Romanian Minister of Public Finance and Governor of the European Investment Bank.
The initiative represents a dedicated COVID-19 economic resilience support package in Romania provided by the European Investment Bank. Ensuring access to financing is crucial to protect employment, unlock business investments and to enable economic growth.
“Since the start of the COVID-19 pandemic the European Investment Bank has been working closely with leading local financial partners to identify how best to support companies most vulnerable to the pandemic. Companies across Romania are able to apply immediately for targeted support under the EUR 190 million programme. In the coming weeks our Romanian partners CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and Sogelease will outline how companies can access new working capital, business investment and leasing finance, and cover salary, tax and social security costs. The EIB is committed to supporting private sector investment in Romania and around the world and working together with local partners to strengthen economic resilience to COVID-19. As new EIB Vice President responsible for operations in Romania I look forward to supporting transformational investment across the country in the years ahead and further strengthening the EIB’s close cooperation with Romanian partners,” also said Christian Kettel Thomsen, European Investment Bank’s vice-president.
The EIB’s response will be provided by leading Romanian financial institutions CEC Bank, Intesa Sanpaolo Bank Romania, Unicredit and BRD Sogelease and enable working capital, leasing finance and capital investment by SME’s and mid-cap companies across the country.
Romanian companies will be able to benefit from the new financing in both lei and euro. The EUR 190 million program is available immediately and companies can apply through branches of the partner institutions across the country.
The dedicated EIB support for COVID-19 economic resilience in Romania is part of the EIB’s EUR 20 billion global response to reduce the economic impact of the pandemic.