The European Investment Fund (EIF) signed four agreements with Romania on Wednesday, to provide over EUR 170 million in funds for the development of small and medium-sized enterprises (SMEs) and for loans to students who want to pursue further studies abroad.
EIF and the non-banking financial institution FINS have signed the first Erasmus+ guarantee agreement in Romania, worth EUR 4.5 million, which will allow FINS to offer credit to students who want to study for a Master’s degree abroad.
Around 450 students will thus be able to access loans with favourable conditions to study in other EU countries or Iceland, North Macedonia, Norway and Turkey.
EIF also signed COSME agreements with CEC Bank (EUR 25 million), Deutsche Leasing Romania IFN (EUR 80 million) and Libra Internet Bank (EUR 65 million), which will facilitate access to loans and leasing agreements for almost 3,000 SMEs.
“For the first time in Romania, the EIF will support access to finance for 450 students who will be able to get loans to cover the cost of studies, thus enhancing access to training for a wider range of students. Also, with our new COSME agreements, we will improve the financing conditions for 3,000 SMEs that will give higher competitiveness to an important segment of the Romanian economy, which is the engine of growth, job creation and innovation,” said Roger Havenith, deputy general manager of the FEI.
The EIF is part of the European Investment Bank Group and its main mission is to support SMEs across Europe by facilitating their access to financing.