EIB lends EUR 30 mln to BCR Leasing

The European Investment Bank (EIB), the lender controlled by EU member states, has granted a EUR 30 million to BCR Leasing, a financial leasing firm, which will be used to finance SMEs, midcap companies and public entities in Romania.

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

Mihai Tanasescu, EIB vice-president, said that the financing of SMEs and midcap companies is a key objective of the EIB in Romania, adding they represent the engine of growth and job creation.

“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,” said Bogdan Speteanu, the CEO of BCR Leasing, in a statement.

The EIB loan will back investments made by SMEs related to the purchase, renovation and extension of tangible assets and R&D. It will also support the building-up of distribution networks in the domestic and EU-based markets. SMEs will also be able to use the loans to cover their working capital needs.

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Meanwhile, the public sector entities can take out loans to implement small and medium-scale infrastructure projects and to improve services in various fields including energy and healthcare.

The EIB loan is granted under the Joint IFI Plan for Growth in Central and South Eastern Europe.

Ovidiu Posirca