The Finance Ministry has published its draft law on the functioning of Romania’s new Development Bank (BRD).

The new credit institution will be built on the structure of Romania’s Export and Import Bank – Eximbank, and will have broader attributes, reports local Economica.net.

The new bank will be able to finance small and medium enterprises (SMEs), start-ups, social enterprises, non-governmental organizations, as well as local authorities and state-owned companies. It will thus serve a broader category of clients than Eximbank, which mostly financed large exporters.

BDR will finance projects that should implement the Government’s country development strategy, according to the draft. The maximum value of the financing for each project will be EUR 50 million.

The Government will support the new bank by granting it close to EUR 225 million funds over the 2017-2019 period. The state will allot EUR 71 million in 2017.

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