Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

24 Jul 2001



PSD disclosed:

25 Apr 2002

Project Description

Establishment of a microfinance bank to provide financial services to micro and small enterprises (MSEs) in Romania.
EBRD participated in the capital increase of ProCredit Bank Romania for a total amount of €4.2 million in 2003 and €4 million in 2006 in order to meet the minimum capital requirements set by the National Bank of Romania.
EBRD is now planning to participate in the third capital increase for a total amount of €4.0 million in order to fulfil capital adequacy ratio requirements and support further expansion of MSE loans in Romania. EBRD’s share of the capital increase will be € 0.66 million or 16.53% of the total.

Transition Impact

The project is expected to have a significant impact on the transition process. ProCredit Bank Romania will continue to provide support to MSEs that would otherwise have little or no access to formal sector finance. Moreover, PCB Romania will also increase its agricultural lending operations to cater for MSEs in rural areas. PCB Romania also supports the development of the financial sector by operating as a best practice institution committed to the principles of complete transparency and strong corporate governance.

The Client

ProCredit Bank Romania (formerly MIRO Bank) was established in April 2002 by EBRD (22.5%), together with Commerzbank (22.5%), IFC (22.5%), IMI (10%), and DEG/KfW (22.5%), with a total equity capital of €8.4 million. Since the beginning of its lending operations ProCredit Bank has opened 31 branches in whole in Romania. From April 2002 through June 2007 ProCredit Bank Romania disbursed over 70,000 loans to MSEs for a volume of over €400 million and an average loan amount of just under €6,000. The outstanding loan portfolio at end-June 2007 consisted of about 33,700 loans for a total amount of €184 million.

EBRD Finance

Initial investment: Equity investment of US$ 2.025 million (€1.9 million) for a 22.5% share. The first capital increase in the amount of US$ 787,500 (€732,375) was accompanied by a senior loan of US$ 10 million for on-lending to MSEs, which was partially syndicated in the commercial market.
The EBRD participated in the second capital increase (for a total of €4 million) in the amount of €0.66 million and its total shareholding will remain at 16.53%.
The EBRD will participate in the third capital increase for a total of €4 million. The EBRD will invest in €0.66 million and its total shareholding will be maintained at 16.53%.

Project Cost

Total project cost will be €4.0 million, of which 16.53% or €0.66 will be EBRD’s share.

Environmental Impact

ProCredit Bank Romania will continue to carry out its operations in accordance with the EBRD's “Environmental Procedures for Local Banks”. In implementing these procedures, it will require its borrowers to comply, at a minimum, with national/local health, safety, environmental, and public consultation requirements.

Technical Cooperation

Over time the EBRD has supported PCB Romania with technical assistance funds provided under the US/EBRD SME facility. TC graduation took place in January 2006.

Company Contact

Michael Kowalski
General Manager
ProCredit Bank Romania
Tel: + 40 21 201 6000
Fax: + 40 21 201 6002

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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