This agreement will allow Vitas to provide enhanced access to finance to micro-entrepreneurs, in particular to young entrepreneurs in western and central Romania, many of whom face difficulties in accessing credit from traditional banking sources.

Progress Microfinance is initiated and funded by the European Commission and managed by the European Investment Fund.

Commenting on the agreement in Luxembourg, Director of Guarantees, Securitisation and Microfinance, Alessandro Tappi said: “I am pleased to be signing this loan agreement for Romanian micro-enterprises under Progress Microfinance with Vitas. I am convinced that this finance will help to benefit micro-enterprises, in particular young entrepreneurs willing to establish their own company and contribute to the economic growth and social inclusion in Romania”.

The transaction will allow Vitas, to continue further developing its current lending activity to small and micro-enterprises in Romania.

Vitas IFN Romania General Manager, Cristian Jurma, stated: “It is with great pleasure to have concluded this funding agreement with European Investment Fund, at the celebration of 20th anniversary of the fund. Over the last 18 years, Vitas has been supporting small entrepreneurs to fullfil their dreams and this funding will allow us to expand our local currency lending for the creation and development of micro and small enterprises in the urban and rural areas of Western and Central Romania.”

Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance can directly contact Vitas’s branches in Romania.

About the European Progress Microfinance Facility

The European Progress Microfinance Facility (Progress Microfinance) provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR 205 million of funding from the European Commission and the European Investment Bank. Progress Microfinance aims to increase access to finance for micro-entrepreneurs, including the self-employed. It has a particular focus on, but is not restricted to, groups with limited access to the conventional credit market. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc. Loans less than EUR 25,000 are made available through selected intermediaries participating in the facility. Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals.

Vitas marks the 63^rd transaction signed under Progress Microfinance since its inception in 2010. To date, commitments of over EUR 130 million under Progress Microfinance have been signed to benefit EU micro-borrowers. Countries where agreements have been signed to date include Austria, Belgium, Bulgaria, Cyprus, Denmark, France, Greece, Ireland, Italy, Lithuania, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden, The Netherlands and the UK.

About EIF

The European Investment Fund's (EIF) central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 7.9bn at end 2013. With investments in over 435 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 5.6bn in over 300 operations at end 2013, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

About Vitas

Vitas Romania is the leading microfinance institution offering simple, fast and innovative products and services for non bankable clients from Western and Central Romania. Since its inception in 1996, Vitas has sustain the growth of over 7,000 small entrepreneurs, granting over 15,000 loans being one of the pioneers of cashflow and real capacity based lending.

Vitas Romania is a member of Vitas Group, a network of microfinance institutions and a holding company of Global Communities an international non-profit organization.

More information about Vitas is available on www.vitasromania.ro

Press contacts:

EIF: David Yormesor, d.yormesor@eif.org

Vitas: George Tugurlan, Marketing Officer, gtugurlan@vitasromania.ro or +40 256 204 550