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EBRD provides 20 mln euro to Credit Agricole Romania to support SMEs

EBRD provides 20 mln euro to Credit Agricole Romania to support SMEs Business, loans, economy, entrepreneurship

BUCHAREST (Romania), September 11 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing a 20 million euro ($22.09 million) loan, in Romanian lei equivalent, to Credit Agricole Romania.

The Romanian lender will use the funds to finance local micro, small and medium-sized enterprises (MSMEs), EBRD said in a press release.

The loan will also support Credit Agricole Romania’s growth strategy and will help diversify the bank’s funding base, improving the currency and maturity structure of the balance sheet.

Credit Agricole Romania was established in 2010, following the acquisition of Emporiki Bank, including its regional subsidiaries, by Group Credit Agricole, the third largest banking group in Europe by assets. The bank provides a broad range of products and services and its main focus is on the SMEs active in the agribusiness segments.

In June,  Credit Agricole Romania inaugurated the first regional agricultural centre for the country's southeastern part in order to better serve the farmers in the counties of Ialomita, Calarasi, Buzau, Braila and Galati.

($=0.9054 euro)