Ichim: EximBank is still breaking new grounds in financing business projects abroad
Bucharest, December 12, 2016 – EximBank is still breaking new grounds in Romania in terms of structuring financing facilities for complex projects implemented by solid local companies abroad and we expect that, following our lead, other banks on the market start financing Romanian companies willing to extend their business at international level, especially considering the support that EximBank is able to provide in its capacity of Export Credit Agency”, said Paul Ichim, Executive Vice President of EximBank during the Gala Award for Energy organized by energynomics.ro.
EximBank has been awarded as winner of the category „Financing structure of 2016” for the agreement concluded this year with Romelectro SA, one of the leading general contractors in energy projects, in regard with a project implemented by the company in Egypt. The bank has granted a multi-level financing facility amounting at 63 Million Lei and an export insurance policy amounting at 18 Million Euro to Romelectro as leader of a consortium along with other two Romanian companies, involved in a project consisting in installing a power facility of 1200MW in the steam power facility of Burullus, Egypt.
”I am glad that the financing granted by EximBank has been appreciated by the jury and content that we have managed to enter partnerships with solid Romanian businesses implementing vast projects abroad. At the same time there is a bit of sadness related to the fact the financing structure of the year in energy is the one offered by EximBank, due to the fact that it is quite a common financing structure that any company from lots of countries may easily access. I am sad because looking at the project we are now talking about we can see that Deutsche Bank for instance, along with the German Export Credit Agency – Euler Hermes, have attracted financing amounting at 1.5 Billion Euro. Looking at the 12 to 13 Million Euro implemented by our bank on a single project, we can observe that EximBank is still a pioneer on Romanian market for financing such transactions. I am really looking forward to the other banks on the market that should follow EximBank in financing projects of the Romanian companies abroad, not only in the energy field. From our perspective I can ensure them that we can fully support them in their efforts as any other Export Credit Agency”, said Paul Ichim (photo).
The project in Egypt that Romelectro is participating in is part of a vast program of the Egyptian authorities for increasing the generation of electric energy to cover the increase consumption. Thus, the project comprises the development of three greenfield thermal power facilities in Beni Suef, Burullus and New Cairo, the dead line being the end of 2018. The main equipment supplier is Siemens AG, that has signed last fall a contract amounting at 9 Billion Euro, with a syndicated financing from Deutsche Bank AG, HSBC Middle East and KfW Ipex Bank GmbH.
EximBank has been actively involved for more than 25 years in supporting and promoting the Romanian business environment by endorsing local companies’ projects. Its specific financial instruments are exclusively targeted to the corporate segment and accessible either directly to the companies or along with their financing banks. Additional information at www.eximbank.ro or via e-mail informatii@eximbank.ro.