EBRD has officially announced it will increase its investments in Romania by an additional 500 million euros to 1 bln euro over the next two years in financial sector, and the remaining half in corporate, energy and energy efficiency and national and municipal infrastructure sectors.
The funds allocated by European Bank for Reconstruction and Development are part of a broader funding package agreed by Romania, International Monetary Fund, European Union and World Bank.
The international funding package will aim to cushion the effects of the sharp drop in capital inflows while implementing policy measures to address the external and fiscal imbalances and to strengthen the financial sector.
The EBRD is assessing the financing and capital needs of the Romanian banking sector on a case-by-case basis.
The bank reminds that in an effort to mitigate the effects of the financial crisis and to secure the resources for small-business lending, the EBRD provided a 100 million euros loan to Banca Transilvania, one of the country’s leading local SME banks, in December 2008.
The current EBRD commitments in Romania stand at 1.9 billion in 110 projects. Romania will be the recipient of a rescue package that includes 12.9 bln euro from IMF, 5 bln euros from Eu, 1.2-1.5 bln euros from World Bank and 1 bln euros from other financial institutions.
In February 2009, the largest multilateral investors and lenders in Central and Eastern Europe - the EBRD, the EIB Group, and the World Bank Group - pledged to provide up to 24.5 billion euros to support the banking sectors in the region and to fund lending to businesses hit by the global economic crisis.
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