BSTDB Provides Guarantee for KfW lending to Banca Romaneasca S.A. to Support SME Development in Romania
Press Release | 15-Apr-2002
On April 15, 2002 the BSTDB signed the provision of a Guarantee Facility to KfW (Germany) for its EUR 5 million credit line to Banca Romaneasca S.A. (Romania) under the EU SME Finance Facility. Banca Romaneasca will utilize the provided financing for medium-to-long term lending to small and medium sized enterprises (SME) in Romania.The Project would provide support for the development of SME private sector as well as banking industry in Romania offering the country the greater potential to accelerate economic growth and inspire investors’ confidence. BSTDB Guarantee facility would also stimulate and encourage the capital investments from outside of the Black Sea region, as it will trigger the extension of the SME facility by the German financial institution, thus ensuring mobilization of financing for the Romanian SME.
Banca Romaneasca S.A. is a private Romanian commercial bank established in 1993 and dedicated to the development of small and medium-sized private entrepreneurship in Romania. Banca Romaneasca provides financing schemes to the Romanian SME in joint efforts with the EU, IFC, EBRD, KfW, and other financial agencies. Its focused strategy and the nationwide distribution network that allow Banca Romaneasca to efficiently address the increasing financial needs of the growing SME sector through all over the country.
Kreditanstalt für Wiederaufbau (KfW) is a promotional bank for the German economy. KfW also offers a range of banking and advisory services in Germany and abroad and operates as a development bank for the developing countries on behalf of the German Government.
Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,3 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its Member Countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved 44 projects totaling over USD 360 million.