Romania fails to disburse EBRD funds
According to the Romanian Finance Ministry, more than USD 6.67m of a loan granted to Romania by the European Bank for Reconstruction and Development (EBRD) was cancelled because the Romanian side cannot use the amount by the date provided in the agreement. It’s a problem that’s been faced by several CEE countries, who have had difficulty identifying and completing the application process for EBRD loans. Funds from this loan, which totalled USD 150m, were to be used to reduce the impact and risks from natural catastrophes.
The EBRD has been active in the private sector as well in February, having promised €210m to the Delhaize group, a Belgian groceries retailer. The company currently operates eight hypermarkets in Romania, but the new financing will allow it to add an additional 17 medium to large format stores. EBRD will be providing €140m of the total funds, while an additional €70 will come from ING and from Rabobank. There are also reports that the EBRD could provide more than €200m to Vimetco Rower Romania to support the construction of a gas-fired cogeneration plant in Tulcea, but this has yet to be confirmed.
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