Halalai: Implementing structural reforms remains the solution for a real economic convergence
Bucharest, March 18, 2014 – In the circumstances of the continuous deleveraging of the banking system, of previous financial adjustments and the restrictive fiscal space, implementing structural reforms is the only solution for Romania to continue a real and balanced economic convergence with EU countries at a reasonable pace, said Traian Halalai, President of EximBank, during the conference “Addressing Needs, Leveraging Resources in Financing Non Euro-zone Economies”, organized by Aspen Institute at National Bank of Romania.
“Macroeconomic and financial trends have been outstanding since the beginning of 2013 until now, but Romania has to continue the efforts to modernize its economy and increase competitiveness in order to ensure the real convergence with the economies of European Union. The increase of competitiveness on long term remains a major challenge when establishing and implementing macroeconomic policies and the priorities are set on state owned companies restructuring as well as on the improvement of the state income collection system, at the same time with the increase of the level of EU funds absorption and of investments made in infrastructure projects said Traian Halalai.
He added that EximBank in its double capacity as state agent and commercial bank will focus on efficient ways to support the strategical sectors of Romanian economy in order to reach the targets related to exports growth and increase of the level of EU funds absorption. The President of EximBank mentioned that the bank has improved significantly its financing activity for private sector, the exposure of the bank on this segment registering an increase with 60% as compared to December 2012.
“The activity for the public sector represents an issue at European Union level, therefore the Chinese initiative to invest 10 billion USD in important infrastructure projects, along with the beneficiary countries in Central and Eastern European region, should not be surprising. Under this framework, EximBank is able to play a significant role in successfully implementing specific partnerships with Chinese companies in order to finance infrastructure projects of strategic nature”, added Traian Halalai.
The EximBank representative underlined the fact that experience and expertise of the bank are enabling it to successfully contribute to such partnerships by co-financing projects, structuring them – including the public-private ones and also by facilitating the communication and the exchange of information and best practices to and from various foreign partners.
At the beginning of this year EximBank has signed a Financial Cooperation Agreement with China Eximbank, establishing the general framework for the two institutions to cooperate in order to stimulate the Chinese investments in Romania, especially the ones in infrastructure and energy.
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantee and insurance, enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors, particularly those contributing to the absorption of EU funds. The Bank has a network of 16 units; also, interested companies may access additional information on www.eximbank.ro.