Exim Banca Romaneasca joins the InvestEU Ukraine Export Credit Guarantee Facility
Romania becomes one of ten EU countries participating in European push to support trade with Ukraine. - Backed by EIF, initiative to support as many as 25 Romanian exporters.
- Romania becomes one of ten EU countries participating in European push to support trade with Ukraine.
- Backed by EIF, initiative to support as many as 25 Romanian exporters.
A European Union initiative to facilitate exports to Ukraine gained momentum today when Romania joined. Exim Banca Romaneasca signed up to the InvestEU Ukraine Export Credit Guarantee Facility – a joint initiative of the European Commission and the European Investment Fund (EIF).
Under the facility, national export credit agencies in the EU offer guarantees to small and medium-sized enterprises (SMEs) and Mid-Caps exporting to Ukraine. The national guarantees are in turn backed by the EIF, which is part of the European Investment Bank (EIB) Group.
Romania is participating in the initiative along with nine other EU countries: Denmark, Finland, France, Germany, Italy, Latvia, Slovakia, Slovenia and Spain. The goal is to encourage EU exports to Ukraine of goods such as machinery, construction materials and advanced technologies as well as services that are critical for the country’s economy and reconstruction amid Russia’s war.
“This is a real boost for Ukraine’s recovery, a win-win solution for its recovery and functioning of its economy. It enables EU companies to keep trading and investing in Ukraine when it matters most,” said EIB Group President, Nadia Calviño.
The Ukraine Export Credit Guarantee Facility is providing a total of €300 million in EIF guarantees for the participating national export credit agencies.
Exim Banca Romaneasca is receiving €43.75 million of the total.
In addition to the ten participating EU countries, a further three Member States that have yet to be announced are scheduled to join the facility. It is projected to benefit more than 550 EU exporters including 25 in Romania.
“By participating in this European initiative, Exim Banca Romaneasca reaffirms its commitment to supporting Romanian companies that wish to contribute to Ukraine’s reconstruction,” said Exim Banca Romaneasca Executive President, Traian Halalai. “We strongly believe that the support provided through this financial mechanism will facilitate exporters’ access to challenging yet essential market, while also contributing to the stimulation of regional economic development.”.
