Additional funds to be allocated and changes in transaction terms
The EIF intends to allocate to the above-mentioned Call an additional amount of approximately EUR 150 million thus bringing the total ESIF budget for SME Initiative Romania to up to EUR 250 million. Through a risk-sharing mechanism, the approximately EUR 250 million of ESIF resources made available by Romania, leveraged with commercial lending, are expected to generate more than EUR 1.3 billion of new SME loans at favourable terms.
The additional resources shall be allocated conditional upon the signature of the relevant agreements between the EIF, the Government of Romania, the EIB and the European Commission; and in line with the Call, as amended by this Information Note, together with the amendments set out in Annex 1 to Information Note.
At the time of publication of this Information Note, it is expected that the above conditions will be fulfilled in Q1 2019.
Financial institutions interested in applying under this Call, as amended by this Information Note, have to submit an application (Expression of Interest) to the EIF by no later than 31/12/2018. The template of the Expression of Interest can be downloaded here including the Excel tables for the provision of additional information (as reference on page 8 of the Expression of Interest document).
Financial Intermediaries that have already applied under the initial Call from October 2016 may express additional interest under this Call published on 23 October 2018, as amended through this Information Note, by submitting an updated Expression of Interest, in the form of the above-mentioned template.
Financial institutions that have not applied under the initial Call from October 2016 are requested to submit a complete Expression of Interest in line with the provisions and requirements of this Call published on 23 October 2018, as amended by this Information Note.
The additional resources will be allocated as follows:
- first, to the Financial Intermediaries which have already entered into Guarantee Agreement(s) under SME Initiative Romania but which did not receive the full Maximum Portfolio Volume (as set in the respective Guarantee Agreement(s)) due to unavailability of resources at the time and which have requested an increase up to the Maximum Portfolio Volume under the relevant Guarantee Agreement(s); as well as to, subject to a positive conclusion of the selection process, the financial institutions which have already applied under the initial Call but have not entered into Guarantee Agreement(s) due to unavailability of resources; and
- second, on a “first come, first assessed” basis, to Financial Intermediaries having expressed an interest for an increase of the Maximum Portfolio Volume proposed under an initial Expression of Interest as well as to financial institutions that submitted a complete Expression of Interest following this Information Note.
Notwithstanding the above, allocation of funds to a Financial Intermediary under this Call, as amended by this Information Note, shall be subject to relevant EIB Group approvals as required.
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