On Thursday, 24 May 2007, Casa de Economii si Consemnatiuni signed an agreement with the European Bank for Reconstruction and Development (EBRD) aimed at financing small and medium-size enterprises in the rural area. By virtue of this agreement, the EBRD shall grant a EUR 10 million loan to CEC over a five-year period in order to promote growth of the private sector in rural areas.
In addition to the loan, CEC will also receive RON 1.5 million from the European Commission. According to Ms. Hildegard Gacek, EBRD Director for Romania, the loan is the first financing facility to the rural area supplied by the EBRD in Romania. This programme can help finance various investment projects, the purchase of equipment, lands, buildings or revamping already existing businesses.
Mr. Varujan Vosganian, Minister of economy and finance, presented CEC’s objectives for the upcoming period: becoming a powerful bank, increasing its market share, having its own brand and performance indicators comparable to those of other banks.
CEC’s development strategy by 2011, presented by CEC President, Mr. Radu Gratian Ghetea, comprises three stages, as the start is scheduled for this year: the first stage includes streamlining the activity, modernising the bank and developing customer loyalty (by 2009), followed by the development stage (by 2010) and the consolidation stage (by 2011).