Horizon Innovation Financing Facility

Location:

Romania

Project number:

48626

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

11 Dec 2019

Status:

Concept Reviewed

PSD disclosed:

06 Nov 2019

Project Description

Establishment of Horizon Innovation Financing Facility, a framework for providing senior loans to participating financial institutions ("PFIs") in Romania for on-lending to micro, small or medium-sized enterprises ("SMEs") and smaller medium-sized enterprises ("small mid-caps") that are innovative or investing in innovative projects in Romania. The framework benefits from grant funding from the European Union.

Project Objectives

The ultimate objective of the framework is to improve the innovation capacity of SMEs and small mid-caps in Romania enhancing their competitive market positioning.

Transition Impact

The framework is the first EBRD financing facility dedicated specifically to innovation financing. The expected transition impact derives from the Competitive and Resilient transition qualities. The introduction of new and innovative products and processes has the potential to significantly enhance the efficiency and raise productivity levels of Romanian companies, which is one of the country strategy priorities, while simultaneously seeking to address the low R&D spending in the private sector. This will contribute to the Competitive quality. The improved product offer of the PFIs and their strengthened capacity to assess innovative firms and projects may open up an additional financing venue for Romanian companies and thus support the Resilient quality.

Client Information

PFIs may be commercial bank or other financial institutions operating in Romania.

EBRD Finance Summary

EUR 50,000,000.00

Total Project Cost

EUR 50,000,000.00

Environmental and Social Summary

The Framework's Technical Cooperation ("TC") component comprises technical assistance package to PFIs and eligible beneficiaries as well as grants to eligible beneficiaries in the form of investment incentives for successful completion of their innovative projects. The TC funds in the amount of EUR 12.5 million are provided by the European Union under the Horizon 2020 Research and Innovation Programme.

Technical Cooperation

The Framework's Technical Cooperation ("TC") component comprises technical assistance package to PFIs and eligible beneficiaries as well as grants to eligible beneficiaries in the form of investment incentives for successful completion of their innovative projects. The TC funds in the amount of EUR 12.5 million are provided by the European Union under the Horizon 2020 Research and Innovation Programme.

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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