CEC Bank takes out EUR 45 mln EIB loan to finance SMEs and public sector companies

Newsroom 26/06/2013 | 13:13

Romania’s CEC Bank has taken out a EUR 45 million loan from the European Investment Bank (EIB), to finance projects of SMEs, mid-caps and public sector companies.

The state-owned lender will target companies active in industry, services, tourism and infrastructure. The EIB loan will also be used to cover the co-financing of projects developed with EU money.

Mihai Tanasescu, EIB’s vice president, said during signing event that the European lender aims to turn CEC into a development bank for Romania. He added EIB’s total exposure in Romania amounts to EUR 10 billion.

CEC Bank has secured around EUR 70 million in fresh funds from international financial institutions to finance corporate clients, this year. More than 60 percent of the lenders’ portfolio comprised SMEs and Local Public Administration Authorities (LPAA), at the end of 2012.

Ovidiu Posirca