February 1 (SeeNews) - The European Investment Bank Group (EIB Group) said on Monday it will provide 370 million euro ($447 million) leasing finance to Deutsche Leasing Romania to support local companies active in sectors affected by COVID-19.
The support is backed by a guarantee from the European Fund for Strategic Investment (EFSI), EIB said in a press release.
The new initiative will enhance the resilience of Romanian business to the economic, social and health impact of COVID-19 and is part of the EIB Group’s private sector response to the pandemic.
The new initiative includes 25 million euro targeted support for climate action investment.
"This high-impact securitisation transaction demonstrates the EIB Group’s commitment to ensuring that investment by SMEs across Europe can continue during challenging times. Innovative cooperation between European financial institutions and leasing local partners will help Romanian companies overcome COVID-19," EIB vice president responsible for Romania Christian Kettel Thomsen said.
The new scheme is part of a wider 2 billion euro EIB Group Asset-Backed Security financing programme to address the working capital, liquidity needs and investment challenges facing companies across Europe, and exacerbated by the COVID-19 pandemic.
($=0.828 euro)