EIB continues to finance projects of SMEs, midcaps and municipalities through BCR Leasing in Romania

PRESS RELEASE

BEI/14/167

Bucharest/Luxembourg, 21 July 2014

EIB continues to finance projects of SMEs, midcaps and municipalities through BCR Leasing in Romania

The European Investment Bank (EIB) is lending EUR 30 million to BCR Leasing to support the undertakings of small and medium-sized enterprises (SMEs), midcap companies and public entities in the sectors of industry, services and infrastructure in Romania.

This is the second tranche of a loan of EUR 75 million approved by the EIB following the successful disbursement of the first part of the loan of EUR 15 million signed earlier this year.

Mr Mihai Tanasescu, EIB Vice-President responsible for Romania, stated: “The financing of projects implemented by SMEs and midcap companies is a key policy objective of the EIB in Romania, as the SME and midcap sector represents the engine of growth, innovation and creation of new employment. In its cooperation with BCR Leasing, a well-established partner financing institution, the EIB ensures that the benefits of its involvement, i.e. the favourable terms of its lending, reach the final beneficiaries”.

Mr Bogdan Speteanu, BCR Leasing IFN’s CEO stated: “The partnership between the EIB and BCR Leasing leverages financial resources directed at the needs of the SME, midcap and public entities sectors. SMEs in particular account for almost two thirds of Romania’s GDP. Their entrepreneurial initiative, production output and capital formation are vital to sustainable economic growth. Through the EIB resources, BCR Leasing is able to offer additional key financial benefits: flexible and convenient access to lease acquisitions, financial counseling and related services that enable long-term productivity growth and better compatibility with a dynamic and complex economic environment.”

This loan is in line with the EIB’s priority of assisting Europe’s SMEs. The EIB loan will support SMEs’ investments related to the purchase, renovation or extension of tangible assets (other than land), R&D, and the building-up of distribution networks in domestic and other markets inside the EU, covering medium and long-term working capital needs to finance their regular trading cycle.

Public sector entities implementing small and medium-scale infrastructure or sustainable community investments will be eligible for support for improving public services in the fields of transport, energy, waste, telecommunications, water, health and education as well as social housing.

The EIB loan to BCR Leasing is being granted under the Joint IFI Action Plan for Growth in Central and South Eastern Europe, intensifying the strong involvement of IFIs to support continuation of the convergence process, access to finance for SMEs, competitiveness and energy efficiency and security.

Background information

The European Investment Bank is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

BCR LEASING IFN, a member of the Banca Comerciala Romana Group, which is part of the ERSTE Group, offers a complete range of financial leasing services for purchasing durable goods, i.e. automotive goods (automobiles, utility vehicles, fleets) and equipment (industrial machines, agricultural machinery, medical equipment, software and IT, etc.).

Banca Comerciala Romana (BCR - the Romanian Commercial Bank), a member of the Erste Group, is the most prominent financial group in Romania, including its universal banking operations (retail, corporate and investment banking, treasury and capital markets), and covers specialty companies working on the leasing market and in asset management, private pensions, housing banks and mobile banking.

Press contacts

EIB: Dušan Ondrejička, d.ondrejicka@eib.org, tel.: +352-4379-83334

Website: www.eib.org/press - Press Office: +352 4379 21000 - press@eib.org

BCR: Cezar Marin, cezar.marin@bcr.ro, tel.: +04-03735-10119, Website: www.bcr.ro