Romanian lender Banca Transilvania and the European Investment Fund have signed a €7.5m loan agreement aimed at supporting micro-enterprises and self-employed entrepreneurs in Romania, the two institutions said in a statement March 20, Mediafax reports.Under the agreement, Banca Transilvania will provide a total amount of up to EUR15m to micro-entrepreneurs across Romania, with a particular focus on supporting self-employed entrepreneurs.
The transaction was signed under the European Progress Microfinance Facility, funded by the European Commission and the European Investment Bank and managed by the European Investment Fund. Banca Transilvania is the third institution active in Romania under this facility, the statement noted.
The European Progress Microfinance Facility provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR203m of funding from the European Commission and the European Investment Bank.
