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Romanian private sector to benefit from EBRD loan
Small and medium-sized private businesses in Romania will have easier access to credit as a result of a loan agreement signed today in London, between the European Bank for Reconstruction and Development (EBRD) and Banca De Credit Cooperatist S.A. (BankCoop) one of the leading private sector banks in Romania. The total amount of the loan is US$ 20 million (ECU 16 million).
At the signing, Ron Freeman, First Vice President of the EBRD, said: "This loan will support the development of the private sector in Romania, and help BankCoop to provide innovative financing and quality service".
Alexandru Dinulescu, President of BankCoop, said: "We are proud to benefit from this type of loan for small and medium sized enterprises. We strongly believe that today is the beginning of a long and fruitful cooperation between EBRD and BankCoop in our common effort to meet the needs of our clients".
With the proceeds of the loan, the network of BankCoop's branches across the country will offer medium-term investment credits to small and medium-sized enterprises that can demonstrate secure sources of foreign exchange revenues.
Established in January 1991 by consumer and credit cooperatives, BankCoop relied initially on the network of cooperatives to collect deposits and lend to small industries and commercial outlets. BankCoop has since enlarged its clientele with numerous private commercial firms and individuals. BankCoop has expanded and diversified the number and type of shareholders by opening its capital to private sector investors.
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