He also believes that investment projects in countries outside EU have been ignored for too long, to which Romanian companies could participate.
“It would be a pity for Romanian companies not to give a closer look to markets other than Western Europe, where it is difficult for us to be competitive with high-added value products. In Africa, for instance, we have identified several dozen projects from highways to cement plants funded by institutions such as the World Bank, to which Romanian companies could participate, and we’ve got the instruments to help them,” says Costea.
Moreover, he believes that there are Romanian companies that might consider buying foreign businesses now, thus consolidating their position when they compete over projects on the local market. The bank again can provide the guarantees required for these companies to expand.
Romania’s exports to markets outside the EU saw higher growth than the exports to the EU in the first three months of the year.
Costea says the institution he runs works directly with the National Association of Exporters and Importers on projects to identify new markets.
On a separate note, Eximbank’s chief says he has noticed a growing interest in investment loans besides those taken to finance day to day operations. Lending per se accounts for a small share of Eximbank’s business, with the focus being on providing guarantees for loans taken from other banks.
The total loans granted by Eximbank stood at about 630 million lei (EUR152.5 million) at the end of the first quarter, up almost 44% from the corresponding period of 2010.
As for projects with European funding, Eximbank granted more than RON200 million in facilities in the first four months, double the level registered last year. At the same time, the guarantees provided on behalf of the government went up by 43% to almost RON1 billion. (EUR1=RON4.1298)