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Raiffeisen-Leasing Polska and the CEB sign a € 50 million loan agreement for the financing of job-creating investments by SMEs

17 March 2008

WARSAW - Today in Warsaw Raiffeisen-Leasing Polska and the CEB signed a € 50 million loan to co-finance productive investments undertaken by existing and start-up micro-, small- and medium-sized enterprises located throughout Poland. The Framework Loan Agreement was signed by Arkadiusz Etryk and Przemysław Stańczyk, respectively President and Vice President of the Management Board on behalf of Raiffeisen-Leasing Polska, and by Imre Tarafás, Vice-Governor, on behalf of the CEB.

CEB funds under the loan agreement will help Polish SMEs to gain access to attractive funding. In particular for micro- and small-sized enterprises, leasing is often the only formal form of investment finance to which they have access. Eligible investments under the loan will include assets across Raiffeisen-Leasing Polska’s main business segments, primarily motor vehicles, transport vehicles, machinery and equipment, including for the medical, construction and IT sectors.

In line with CEB's intervention policy in the SME sector, the aim of the loan is to contribute to strengthening the competitive position of beneficiary SMEs and thereby to fostering the creation of new permanent and seasonal jobs, and the preservation of existing ones. Although labour market conditions continue to improve, Poland still has the second highest unemployment rate in the European Union. SMEs play a crucial role in the economy and represent a major source of jobs.

The project represents the first operation in Poland with the Raiffeisen Group, with whom the CEB has previously approved loans for leasing and banking subsidiaries in other countries. Since Poland became a member state of the CEB in 1998, loans approved in the country amount to around € 1.4 billion for 20 projects, of which around 50% with intermediary financial institutions, including leasing companies. 

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