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cerns are more and more intertwined in a modern

economy", Matteo Patrone, EBRD Regional Direc-

tor for Romania and Bulgaria, said.

"Co-financing environmental projects is one of

the strategic directions of BCR and we are glad

that we can contribute to an investment that ad-

dresses one of Romania's critical issues, namely,

domestic and industrial recycling facilities. We are

constantly preoccupied with the sustainable and

efficient targeting of financial resources towards

technology, infrastructure, education, environ-

mental protection and, implicitly, quality of life",

Sergiu Manea, CEO of BCR, added.

"We are honored to partner with two major in-

ternational banks in developing a unique project

in Romania, in a strategic location, on the banks

of the Danube river, which connects eastern and

central Europe, allowing us to fully recycle waste

oil that is collected in the region", Mazarali Ka-

mumiya Saiyed, majority shareholder in Green

Oil and Lubes, noted.

The EBRD has a long-standing commitment to

supporting green energy projects in the region.

Under its Green Economy Transition approach

the Bank is planning to increase its investment

in the field to more than 40 per cent of annual

business investment by 2020, it disclosed in a

press information piece.

The Bank is also the leading investor in Romania.

It has invested a total of over 7,5 billion euro in

about 400 different business projects in the coun-

try. Only last year EBRD has financed over 20

projects worth more than 400 million euro.

Banca Comerciala Romana (BCR) is a member

of Erste Group and today is the most important

financial group in Romania. Its operations include

universal banking (retail, corporate and invest-

ment banking, treasury and capital markets). It

also has specialized companies on the leasing

market, private pensions, housing banks and

banking services.

EBRD and EU jointly helping SMEs in

Bosnia and Herzegovina

The European Bank for Reconstruction and De-

velopment (EBRD) and the EU announced that

their joint two-year program, supporting the com-

petitiveness of small and medium enterprises in

Bosnia and Herzegovina, has been successfully

implemented so far. During the first one and a half

years of the program the two institutions have

granted small businesses in the Balkan country

multiple small loans amounting to a total of 15,7

million euro. Candidates in the project are expect-

ed to receive about 4 million euro more until the

scheduled end of the program.

"Small and medium-sized enterprises (SMEs) are

central for economic development. Small business-

es and entrepreneurship traditionally represent a

source of growth. They are generators of jobs and

contribute to improvements in production, work pro-

ductivity and business efficiency. The biggest prob-

lem of the private sector and SMEs, aside from

administrative barriers, is the lack of capital. The

experiences of developed countries suggest that

entrepreneurs need to be provided with favorable

financial incentives that would secure the funds for

investments", the EBRD commented on the pro-

gram implementation.

"We are pleased with the success of the program

and grateful for the EU's continuous support. We

are complementary in our goals and our approach

and working together allows us to make a real im-

pact on the development of the economy in Bosnia

and Herzegovina", Ian Brown, EBRD Head of Of-

fice in Bosnia and Herzegovina, added.

"The European Union has established a long-

lasting cooperation with the EBRD in the imple-

mentation of SME support programs in Bosnia

and Herzegovina by complementing EBRD loan

funding with grants coming from IPA, the Instru-

ment for Pre-Accession. These programs have

yielded impressive benefits. The EBRD experi-

ence in the EU's SME policy aims to create maxi-

mum benefits and further synergies by facilitating

the introduction of EU standards through the pro-

vision of adequate advisory services as well as

better access to finance", said Andrea Vera, Head

of Section - Economic Development, Infrastruc-

ture and Natural Resources, Delegation of the

European Union to Bosnia and Herzegovina.

The financial support from the EBRD and the EU

is aimed at increasing the SMEs market competi-

tiveness on a local, regional and global scale. So

Source: Dreamstime