ARF: Romanian factoring volume grew 43 per cent in 2011
The Romanian factoring market increased by 43 per cent in 2011, reaching a volume of almost EUR 2.6 billion, according to the Romanian Association of Factoring (ARF).
The Romanian factoring market increased by 43 per cent in 2011, reaching a volume of almost EUR 2.6 billion, according to the Romanian Association of Factoring (ARF).
The International Finance Corporation (IFC) has provided a 22.5 million euro loan to Garanti Bank Romania to help finance SMEs in Romania, especially those owned or managed by women entrepreneurs.
The European Investment Fund (EIF) and UniCredit Tiriac Bank S.A. have signed a guarantee agreement under the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative, allowing the bank to provide up to 87.5 million of new loans to Romanian SMEs.
Banks will no longer have to pay VAT when selling non-performing loans to other entities, such as foreign subsidiaries, other banks or factoring entities, according to a recent decision taken by the European Court of Justice (ECJ).
The European Bank of Reconstruction and Development (EBRD) has launched a 60 million programme for SMEs in Romania to improve their energy efficiency.
The Mihail Kogalniceanu programme, which allows for the state to directly support SMEs based on the development and support of job creation and maintenance, has been launched by the Romanian government.
