The European Investment Bank (EIB) has granted Romania’s CEC bank the second instalment of the EUR 45 million loan to finance projects for small and medium-sized enterprises, midcap companies and public entities in Romania. The instalment amounts to EUR 30 million.

The first instalment of EUR 15 million was granted in June 2013, the two banks have announced.

“This loan is consistent with EIB’s priority to provide better access to long-term finance, in particular to SMEs. The loan also helps reduce the effects of the financial crisis and supports growth by promoting economic restructuring, consolidation and diversification, as well as by improving long-term competitiveness through the increased availability of long-term loans.,” reads CEC Bank’s statement.

Since the beginning of 2013, CEC Bank has received approval from international financial institutions totaling EUR 70 million, representing financing opportunities for corporate clients given in attractive cost conditions and loan reimbursement period adapted to their specific needs, according to the bank.

The European Investment Bank is an European Institution that offers long-term lending services and is owned by the EU Member States.

CEC Bank had a gross profit of some EUR 7.6 million (RON 33.5 million) in 2012 and its portfolio of loans to corporate customers went up 32 percent, compared to the previous year. The bank’s assets increased by 8.5 percent last year.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: the bank)