January 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it has invested over 546 million euro ($680.5 million) in the Romanian economy in 2017.
The Bank supported 29 projects with 546 million euro of debt and equity investments last year, of which 93% was provided to the private sector, the EBRD said in a statement.
Last year’s investment was close to the seven-year high mark of 612 million euro provided in 2012. Equity investment reached an all-time record of 122 million euro in nine deals. Equity investments include a local agriculture holding, a popular supermarket chain, and a company targeting oil and gas exploration in the Black Sea.
In 2017, the EBRD financed greenfield investments such as a recycling facility for industrial oil waste and a new plant for soft alloys. The bank also financed the expansion of a local pharmaceutical retail chain and a real estate development for logistics in the outskirts of Bucharest. The bank also financed municipal infrastructure projects such as new buses for Sibiu, Brasov and Constanta.
"We hope to continue investing strongly in 2018 and will maintain focus on the private sector. We are also planning several investments in municipal infrastructure and stand ready to support the authorities in advancing infrastructure initiatives and restructuring state-owned enterprises," EBRD director for Romania and Bulgaria Matteo Patrone said.
The 2017 results bring total EBRD investment in Romania to 7.8 billion euro, and the number of projects in the country to 415 at the end of the year.
In Romania, the bank focuses on promoting access to finance and expanding products in the financial sector, reducing regional disparities by developing infrastructure, and improving competitiveness in the corporate sector through improved governance and management practices, as well as on restructuring state-owned enterprises.
The size of EBRD investments in any given country is determined by factors such as the number of projects that are ready for financing and satisfy the bank’s requirements, the business climate, and the availability of financing from other sources.
($= 0.8023 euro)