The EIB loan is focused to foster undertakings with positive impacts on the increase of employment in the country.
Mr Mihai Tanasescu, EIB Vice-President responsible for lending operations in Romania, commented: “The loan signed today is in line with the EIB lending priority to ease access to long term financing for SMEs and midcap companies which are the backbone of the Romanian industry and have been hit significantly by the financial market fragmentation. In cooperation with Garanti Bank, a new EIB partner financing institution, EIB funds will support investments undertaken mainly by SMEs under favourable terms and strengthen the competitiveness of this important economic sector”.
“Together with EIB, Garanti Bank aims to offer primarily SMEs and Mid-caps the possibility to grow and develop their businesses through long-term lending solutions and partnerships. With the right financing and support, SMEs and mid-cap companies can contribute significantly to the country’s economic recovery”, said Ufuk Tandogan, Garanti Bank’s CEO.
The current loan is the first EIB operation with Garanti Bank Romania. This intermediated loan is being provided under the Joint IFI Action Plan for Growth in Central and South Eastern Europe, which is focused on providing better access to long-term finance for Europe's SMEs in order to mitigate the effects of the financial crisis.
Currently, Garanti Bank has more than 25,000 SME clients and over 3,000 corporate customers. In 2013, the SME loans had the highest increase in the bank’s loans portfolio, with 17%. The funds provided through EIB will support the growth of SMEs and mid-cap companies by enhancing long-term competitiveness through increased availability of long-term credit.