EximBank structures one of the most complex support facilities for Romanian exports
Bucharest, 14 March, 2018 – EximBank has structured one of the largest and most complex support facilities for Romanian exports by insuring and arranging a syndicate financing that along with the facilities offered by European Bank for Reconstruction and Development (EBRD) and Black Sea Trade and Development Bank, allow the implementation of a vast Romanian export project – amounting at 88.2 Million USD, in Greece.
The export project belongs to GSP Holding, is part of the investment program implemented by the Greek company Energean Oil&Gas for exploring and producing hydrocarbons and will consist in engineering services, acquisitions, contractor works, installation of underwater pipelines, exploitation works of petrol fields’ platforms and oil drilling works in Prinos area in Aegean Sea on the Greek continental platform.
The EximBank support for this project consists in two facilities – buyer credit and the insurance in the name and on behalf of the state– two components that sustain the Romanian authorities in their efforts to promote and expand the local companies’ projects, in compliance with the European best practices in international transactions’ support.
Thus, EximBank has initiated and coordinated a syndicate financing by granting a buyer credit amounting at 75 Million USD, as a segment of the total financing of 180 Million USD granted in partnership with EBRD and Black Sea Trade and Development Bank to Energean Oil &Gas. Within the syndicate, EximBank has teamed up with Intesa Sanpaolo Bank Romania, allocating 25 Million USD, for Energean Oil& Gas to use exclusively for buying the Romanian goods and services. The bank has also issued a buyer credit insurance policy in the name and on the behalf of the state amounting at 71, 2 Million USD.
”By structuring this complex facility, for one of the highest amounts up until now, EximBank amplifies its role as a supporter of Romanian exports with significant impact both for the exporter and the macroeconomic background. In our perspective this is a complete transaction because it underlines all our competitive advantages, allowing the bank to reach its strategic targets: supporting Romanian companies, especially the ones interested in expanding their operations on other markets and vast projects in priority economic domains with significant added value – implementation of this project involves new employment and using Romanian products from other local companies. In a whole, this export project has an 80% national content”, said Traian Halalai, Executive President of EximBank.
Paul Ichim, Executive Vice-president of the bank, coordinating the commercial activity added that this is only one sample of EximBank’s capacity in supporting Romanian exporters and international complex transactions through its complex financial instruments similar to the ones offered by any Export Credit Agency and of the bank’s flexibility in in structuring tailored facilities for each specific transaction.
”EximBank is a pioneering bank in Romania in terms of structuring financial facilities for complex projects implemented by local companies abroad and we are looking forward to more and more banks active on the market to start offering financing for Romanian companies willing to access international transactions, especially considering the support that EximBank is offering in its capacity of Export Credit Agency”, added the bank’s representative.
EximBank is a specialized institution actively involved for more than 25 years in supporting and promoting Romanian business environment. Its specific financial instruments are targeted exclusively to corporate segment and offered in advantageous terms to any type of company – SME, big company, involved in international transactions or only active on local market.
The companies benefit from a competitive portfolio of treasury, cash management, trade finance and factoring products, that add on to the financing and guarantees products. In addition, acting under the Romanian State mandate on the Romanian market of insurance and state guarantees, EximBank is the main channel for the state funds to be directed towards the real economy.