CEC Bank takes out EUR 100 mln loan from EIB to finance SMEs, mid-caps

The European Investment Bank (EIB) has granted a EUR 100 million loan to CEC Bank, the state-owned lender, which will be used to finance SMEs, mid-caps and public sector entities in Romania.

The loan targets companies in the industrial and services sectors, including tourism and infrastructure.

Mihai Tanasescu, EIB’s Vice President, said the European lender aims to increase its financing activity by 20 percent to over EUR 600 million this year.

“We will focus next year on the energy sector,” said Tanasescu.  He said that EIB’s assistance to Romania is key in areas such as transport, structural funds and environmental protection, which could help Romania enhance financing.

CEC Bank has fully used a EUR 45 million loan from the EIB that was taken out in 2013. Under this agreement, the lender has financed the development of projects involving more than 100 SMEs in various sectors of the economy.

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Last year, the EIB has granted EUR 174 million in SME financing, which have been used by firms employing some 41,000 people. The lender is currently financing Romanian enterprises through 14  financial intermediaries in the public and private sector.

Ovidiu Posirca