The European Bank for Reconstruction and Development (EBRD) wants to grant a 40 million euro credit to Romanian based banks and these will on-lend the funds to small and medium-sized enterprises (SMEs) in the industrial sector, a release by EBRD reads.
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SMEs should use the money to upgrade facilities to meet EU standards in the areas of environmental protection, health and safety and product quality and safety. The project will be complemented by 10.2 million euros granted by the EU and the Romanian government for technical cooperation and for incentives at the level of sub-borrowers and banks.
The project will help overcome market barriers that prevent industrial SMEs from implementing investments to achieve compliance with EU standards, the EBRD release reads.
The proposed project aims to improve standards of business conduct and successful enterprise restructuring and will build expertise among the SMEs and participating banks with respect to the new regulatory environment.
The banks chosen to take part at the EBRD project are Romania’s largest lenders: Banca Comerciala Romana and BRD SocGen.
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