The European Investment Bank (EIB) recently announced new financing worth EUR 675 million for transportation, urban development, and small businesses in Romania, at an event held at the BNR Arena.

“'Considering the progress that the country's economy has made in the last 30 years, I am proud that the EIB Group, as a bank of the EU, has been able to support Romania by providing financing for schools, hospitals, public infrastructure, universities, and better transportation, as well as supporting climate action and small businesses. Our commitment to Romania remains strong, as demonstrated by the new financing of EUR 675 million for transportation, urban development, and small businesses, of which EUR 600 million contribute to the implementation of the Recovery and Resilience Mechanism,” said EIB vice president Lilyana Pavlova.

“So far, EIF has provided financial support to over 56,000 Romanian enterprises, largely due to our partnership with the Romanian government. We intend to remain closely involved in the Romanian market, which is why we have concluded a series of new agreements to provide financing solutions that will contribute to boosting entrepreneurship, supporting the country's innovation potential, and assisting small businesses in ecological and digital transitions,” added Marjut Falkstedt, executive director of the European Investment Fund (EIF), part of the EIB.

The first tranche of EUR 600 million from a EUR 1.2 billion loan approved by the EIB will be granted for the construction of a new highway between Ploiești and Pașcani in the eastern region of Romania. The highway aims to significantly reduce travel time and improve safety in the region.

In addition to financing, the EIB has made important contributions in terms of technical consultancy for project preparation (JASPERS) and project implementation (PASSA).

The bank also announced a loan of EUR 20.9 million to the municipality of Oradea to finance investments in urban transport, urban regeneration, and the energy efficiency improvement of schools, public buildings, and street lighting. Bucharest’s District 2 also received a loan agreement worth EUR 30 million to boost the energy efficiency of residential buildings. Both investments are continuations of the long-term collaboration.

In the past five years, the EIB Group has invested EUR 398 million in supporting urban and regional development throughout the country. Roughly EUR 2.85 billion also went to Romanian small and medium-sized enterprises.

radu@romania-insider.com

(Photo source: Kent Johansson | Dreamstime.com)