September 16 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it is lending 50 million euro ($49.9 million) in local currency to UniCredit Bank Romania to increase on-lending to businesses impacted by war on Ukraine.
The loan falls within the Resilience and Livelihoods framework with 2 billion euro pledged by the EBRD to support companies and countries directly or indirectly affected by the war on Ukraine, the EBRD said in a statement.
Supporting Romanian companies weather the impact of the war on Ukraine is of critical importance, the bank added.
The Romanian economy has been negatively affected by spillover effects including inflation – consumer prices were up 15.1% year on year in June, while producer prices rose 48.1% – and strained supply chains and logistics infrastructure, affecting a wide spectrum of economic sectors. Providing businesses with financing will enable them to remain operational, thus safeguarding the resilience of their human capital and sustaining the livelihood of the entrepreneurs and that of their workforce, the EBRD noted.
UniCredit Bank is one of the top and systemic banks in Romania, operating a network of over 165 branches.
($= 1.0006 euro)
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