UniCredit Bank and the European Investment Bank (EIB) signed a loan agreement of EUR 50 million under the European Fund for Strategic Investments (EFSI) as part of the Juncker Plan.
The loan will be used to finance different projects by SMEs, Mid-Caps, start-ups and companies that promote employment and jobs for the young people.
“The agreement signed between the European Investment Bank and UniCredit will provide a boost of EUR 50 million to around 100 SMEs across the country. I am happy and proud to see the Juncker Plan working for Romania’s growth,” stated European commissioner Corina Cretu, responsible for regional policy, according to a press release.
This loan marks the first financing deal from which a local Romanian bank will benefit of the EU budget guarantee under the EFSI, the financial part of the Juncker Plan.
According to the European Commission findings, Romanian SMEs account for 99.7 percent of enterprises in Romania and provide about two thirds of employment (2.6 million persons). SMEs in Romania bring almost 50 percent (EUR 29.8 billion) of the total value of the economy.