May 17 (SeeNews) - The European Investment Bank (EIB) Group and three Romanian banks signed an agreement on Wednesday to back small and medium-sized enterprises (SMEs) in the country with a 246 million euro ($271.7 million) loan, the European Commission said.
This is the first tranche of a 580 million euro loan promised in October last year, the Commission said in a statement.
The three Romanian banks, which have signed the agreement, are Raiffeisen Bank, Banca Comercială Romana (BCR) and ProCredit Bank.
"I am delighted to see that the SME Initiative helps small businesses in Romania. SMEs play a crucial role in the economy of the country and Europe: they create jobs in local communities and introduce innovative products to the market," European Commissioner for Regional Policy, Corina Cretu, said.
The funds are being provided under the Operational Programme SME Initiative for Romania, which the country adopted in March last year to boost the competitiveness of its SMEs through increased access to finance.
($=0.9053 euro)