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European Commissioner for Regional Policy Corina Cretu. Photo EPA/BGNES
Romania has decided to allocate EUR 100 M from the European Regional Development Fund (ERDF) to the SME Initiative to help the country's small businesses get better access to finance.
Bulgaria, Malta and Spain had already signed up to the SME Initiative, which is a joint financial instrument of the European Commission, the European Investment Bank and the European Investment Fund. It is aimed at boosting the competitiveness of SMEs through improved access to financing in 2014-2020.
Regional Policy Corina Cretu said in a statement that the SME initiative “will help multiply the impact of our funds on the ground, for the direct benefit of SMEs”.
“The SME Initiative does not require co-financing from national or regional resources; without tapping into limited public budget, it is a major opportunity for job creation and economic growth in Romania,” Cretu said.
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