International Finance Corporation grants loan of up to 50 million euros to UniCredit Leasing Corporation
IFC grants a loan of up to 50 million euros to UniCredit Leasing Corporation (UCLC), a subsidiary of UniCredit Bank Romania and a member of UniCredit SpA, to expand the range of products dedicated to green energy and to increase competitiveness on the climate project financing market, according to a press release.
The financing granted by IFC will allow UCLC, a leading company on the leasing market in Romania, to expand its offer for the portfolio of small and medium-sized enterprises (SMEs), half of the amounts granted being intended to finance projects in the field of climate change. At the same time, the loan will allow UCLC to develop its line of financing products in the field of climate change, thus increasing competitiveness in the market of financing climate projects in the country.
SMEs have limited access to financing, although they provide approximately 70% of jobs in Romania, their financing deficit being estimated at 33 billion US dollars. 40% of SMEs do not have access or have limited access to credit. In addition, in order to fulfill its national contribution to mitigating climate change, Romania needs investments estimated at 165 billion US dollars between 2021 and 2030.
Romania is one of the economies with the highest energy intensity in Europe, due to the high energy consumption of industry and SMEs. Mitigation of climate change is a priority for the country. Also, in accordance with the European Green Deal, the member states of the European Union committed to reduce CO2 emissions by 55% compared to the levels of 1990 until 2030 and to reach the neutrality of these emissions until 2050.
To achieve these goals, at least 50% of the IFC investment will be used to finance energy efficiency and renewable energy production projects, as well as green transportation technologies, reducing greenhouse gas emissions and consumption of energy, at the same time expanding leasing as an alternative financial product for various projects related to mitigating climate change.
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