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EIB, the EU Bank, strengthens support for Romania's economic growth and competitiveness
Werner Hoyer, President of the European Investment Bank (EIB), visiting Romania to discuss the European Investment Bank’s engagement in the country and explore opportunities to provide greater support for long-term investment to accelerate economic development in Romania and improve the quality of life of the country’s citizens, Balkans news informs.
In his first visit to the country since the new government took office in November 2015, EIB President Werner Hoyer will meet the Romanian President Klaus Iohannis and Prime Minister Dacian Ciolos, and other senior politicians, government representatives and business leaders.
EIB President Werner Hoyer commented: “The EIB, the EU Bank, remains committed to broaden our engagement in Romania and ensure that investment in the country can benefit from new financing opportunities. We wish to build on our strong cooperation with the country, where over the last 25 years the EIB has provided more than EUR 10.6 billion for long-term investment, crucial to create jobs, strengthen economic growth and improve quality of life of its citizens. EIB also contributed to numerous unfunded initiatives aimed at improving the absorption of EU Funds and Foreign Direct Investments.”
EIB loan signatures in 2015 amounted to EUR 228m bringing the total lending volume in Romania over the past five years (2011–2015) to EUR 2.6 billion. In recent years the EIB has supported investment across all major sectors of the economy, including transport, communications, energy and the environment, development of a knowledge economy and increasing access to finance for small and medium-sized companies through local financial institutions partners.
In addition to lending activities, the EIB provides technical assistance to improve use and absorption of EU Structural Funds and unlock additional investment in Romania. A total of 230 projects have been completed, benefiting from EUR 18.5 billion of EU funds, and 96 schemes totalling EUR 11.5 billion are ongoing. These schemes include transport networks, environmental improvement and investments enhancing energy efficiency, using of renewable energy, RDI and knowledge economy.
The EU Bank is also active in advising the Romanian Authorities in strategic, institutional areas, such as the establishment of a National Promotional Bank, the development of efficient PPP governance and initiatives and the implementation of an effective public procurement strategy, all initiatives expected to consolidate the grounds for further EU and private investments in the country.
The European Investment Fund (EIF), the equity and venture capital specialized arm of the EIB Group, is also providing risk financing solutions to financial intermediaries to support SMEs and Midcaps and foster innovation in Europe. Over the last five years, EIF commitments in Romania totalled EUR 264.8m, mobilising EUR 663.7m of financing for SMEs in the country. EIB