EFSE lends 7.0 mln euro to Romania's Patria Credit

"The credit facility will serve to address the financing needs of micro and small enterprises (MSEs) as well as small agricultural businesses and farmers in the rural areas of Romania," EFSE said in a statement.

The loan is denominated in the local currency, leu, and will reduce the FX funding risk for rural entrepreneurs.

Patria Credit has benefitted from several loan facilities so far totalling 13.9 million euro from EFSE.

Established in 1998, Patria Credit is the largest Romanian non‐bank financial institution specialised in microlending with total assets of 70 million euro and shareholder equity of 23 million euro as of September. Patria Credit provides lending to micro and small businesses and to agricultural producers.

EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development and the European Commission.

($=0.8209 euro)