The purpose of creating national development banks in Romania is the direct tackle of financial market malfunction, and among their beneficiaries there will be both companies, as well as city halls, universities and research institutes.
"The purpose of creating national development banks in Romania is to directly tackle financial market malfunction and financing gaps, based on an ex-ante independent analysis, with the purpose of mitigating and reducing them by carrying out development activities, in accordance with the applicable legislation of the European Union and the articles of association of each development bank. Development banks grant financing under market conditions and operate to complement crediting institutions with the purpose of fixing financing deficits and financial market malfunctions," according to a press release sent by the Ministry of Finance to AGERPRES on Wednesday.
Development banks will offer financial products mainly to small and medium enterprises, including micro-enterprises, start-ups and from innovating areas, administrative-territorial units, public utilities companies that are subordinated to administrative-territorial units, but also companies, universities, research & development institutes and social enterprises, Agerpres.ro informs.
"The Government is taking responsibility of ensuring a sustainable infrastructure for Romania, indispensable for developing the business environment and increasing the standard of living," said Adrian Caciu, the Minister of Finances.
According to the draft, the social capital of development banks is ensured from the state budget, classified in approved budgetary provisions through annual budget laws and / or from income resulted from privatization registered in the account of the state treasury.
The financing sources necessary for carrying out activities of development banks are commissions, interests and tariffs resulted by rendering specific services and supported by eligible beneficiaries of development banks, funds attracted from the internal and international financial markets, funds from international financial institutions, funds entrusted based on mandate from the authorities of public administration, funds from the state budget for ensuring the bank's social capital and for covering expenses with taxes and necessary tariffs to found each development bank, income from privatization, subordinated loans granted by the Romanian state, other financing sources, established by a Government decision, with the regulation of the ways of using.
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