EIB Group and Romania: Marking 30 years of partnership with EUR 675 million in new financing

“The EIB celebrates 30 years of successful partnership with Romania. We gathered the largest number of clients and key stakeholders in the EIB history in this country. Since the start of its operations, the EIB has delivered some 180 projects, lending more than 17 bn EUR. Bucharest hosts one of the largest ElB offices worldwide and Romania is the biggest recipient of ElB advisory. We are proud of the impact delivered in Romania which includes improving health services for 15 million Romanian citizens, ameliorating higher education offering for over 40.000 Romanian students, and supporting some 100.000 Romanian small and medium-sized enterprises in the last five years,” said Lara Tassan Zanin, Head of the EIB Group Office in Romania.

The European Investment Bank has provided more than EUR 17 billion for over 170 projects since the start of its operations in Romania. Today, the EIB announced EUR 675 million in new financing for transport, urban development, and small businesses. EUR 600 million in transport from EIB will serve as co-financing for the EU Recovery and Resilience Facility.

As the European Investment Bank (EIB) celebrates its 30^th anniversary in Romania, the EIB Group has made a series of major announcements at an event in BNR Arena attended by Romanian officials and EIB Vice-President Lilyana Pavlova.

“Seeing the progress the country’s economy has made over the last 30 years, I am proud that the EIB Group, as the EU bank, has been able to support it by providing finance for better schools, hospitals, public infrastructure, universities, and transport, and by supporting climate action and small businesses. Our commitment to Romania remains strong, as demonstrated by the €675 million in new financing for transport, urban development, and small businesses, of which €600 million will contribute to the successful implementation of the Recovery and Resilience Facility,” said Lilyana Pavlova.

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Improved road connectivity for Romanians

A first tranche of €600 million out of an EIB-approved loan of €1.2 billion will go towards building a new motorway between Ploiești and Pașcani in eastern Romania. Supported by the European Union’s Recovery and Resilience Facility, the new road will be part of the core trans-European transport network. It will have a substantial economic and social impact on the region, improve safety and save significant travel time. In addition to the financing, the project received valuable EIB technical advisory support for project preparation (JASPERS) and for project implementation (PASSA).

“Our engagement in Romania is a real success story, proof of what can be achieved through effective collaboration between local, national and European entities. To date, the EIF has generated financial support for more than 56 000 Romanian businesses, in large part due to our partnership with the Romanian government. Through a series of new agreements, we intend to remain closely engaged in the Romanian market, offering financing solutions that will help to boost entrepreneurship, fostering the country’s innovation potential and helping small businesses as they navigate the green and digital transitions. Tackling the challenges we are facing, first and foremost climate change and its economic impact, requires synergies and close cooperation, and we are confident in the potential of the long-term business partnerships that we have developed, which will enable a prompt rollout of support for Romanian SMEs,” added EIF Chief Executive Marjut Falkstedt.

Energy efficiency for better cities

The EIB announced the signature of a €20.9 million loan with the Municipality of Oradea to finance investments in urban transport, urban regeneration and energy efficiency improvements in schools, public buildings and street lighting. The EIB also signed a €30 million loan to finance energy efficiency retrofits for residential buildings in Sector 2 of Bucharest. Both investments are continuations of the EIB’s long-term collaboration with these authorities. Over the last five years, the EIB Group has invested €398 million to support urban and regional development across the country.

Support small businesses and green transition

The EIB Group has been a strong supporter of small businesses in Romania, the backbone of the country’s economy. Over the last five years, we have invested €2.185 billion in Romania in support of small businesses and mid-caps. Today, the EIB and Garanti BBVA signed a €24.4 million loan to support access to finance for small businesses. The loan will make financing more accessible for businesses in Romania, the majority of which is formed of cohesion regions, as well as for those investing in climate action, as a way to support the green, inclusive and sustainable transformation of the Romanian economy.

On top of the new financing, EIB Vice-President Pavlova thanked Lara Tassan Zanin for five years of honourable service as head of the EIB Group Office in Romania.