EIB lends EUR 45 million to CEC Bank to support SMEs, MID-CAPs and Public Sector Entities in Romania

Publish date: 27-06-2013
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The European Investment Bank (EIB) lends EUR 45 million to CEC Bank Romania to finance projects of SMEs, Mid-caps and public sector entities in the areas of industry, services, including tourism and infrastructure. The first instalment of the loan is EUR 15 million. 

Mr Mihai Tanasescu, EIB Vice-President responsible for lending operations in Romania, commented: "I am very pleased to sign this first EIB credit facility with CEC Bank Romania, adding further to the range of the Bank's partner financial institutions on-lending EIB funds to SMEs and mid-cap companies in Romania. This represents further support under favourable conditions for projects implemented by these companies that are crucial for the development of the Romanian economy, particularly in terms of creating new job opportunities and fostering economic growth and competitiveness”.

This loan is in line with the EIB's priority to provide better availability of long-term finance in particular to SMEs. It will also help reducing the effects of the financial crisis and support growth by fostering economic restructuring, consolidation and diversification as well as enhancing long-term competitiveness through the increased availability of long-term loans. To this end, the EIB is joining forces with well-established financing institutions, like        CEC Bank Romania, that knows the local market and has SMEs, Mid-cap and public-sector companies among their customers.

Mr. Radu Gratian Ghetea, CEC Bank President, declared: "By concluding this partnership, CEC Bank continues to support the SMEs, Mid-cap companies and Local Public Administration Authorities (LPAA) which intend to implement investment projects in various areas. Our bank confirms once more that our involvement in supporting companies contributes to the increase of the lending in this segment”.

CEC Bank has defined the financing of SMEs and LPAAs as a strategic priority, the companies representing 63% of the bank's portfolio at the end of 2012. Regarding this goal, since the beginning of 2013, CEC Bank has received approval from international financial institutions totaling EUR 70 million, representing financing opportunities for corporate clients given in attractive cost conditions and loan reimbursement period adapted to their specific needs. The loan products launched under this partnership will support the investments and increase the productivity. Also, through these products, CEC Bank will be able to support the increase of the european funds absorption, through the co-financing of projects developed with EU financing.

About European Investment Bank

The European Investment Bank is a European Institution that offers long-term lending services and is owned by the EU Member States. EIB offers long-term financing for solid investments in respect with EU policies. 

About CEC Bank

CEC Bank is a competitive universal commercial bank, which has a high range portfolio including high-quality products and services. CEC Bank's product offer is one of the largest in the Romanian banking system, providing its customers with a wide range of individuals and corporate loans, deposits, cards, letters of guarantee, treasury products, special financing programs from EBRD, european funds and Internet Banking Services. In 2012, the loan portfolio granted to companies has increased by 32% compared to 2011. Last year, the SMEs and Corporate Loans represented 6,601 million lei from the total balance of the loans granted by CEC Bank which is 11,933 million lei. The LPAAs have gathered funding in amount of 955 million lei in 2012. More details about CEC Bank's products can be obtained in any Bank unit, by calling the Customer Support Service at the phone number 0.800.800.848 or by accessing our website at www.cec.ro

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