The Ministry of Public Finance estimates that there will be two new sessions, in March and July 2016, which will enable companies to submit financing requests based on the state aid scheme for salary costs (regulated by G.D. 332/2014). The opening day of the sessions as well as the related budget will be announced on the website at least 30 days before their opening. The total budget allocated for this state aid scheme for 2016 is RON 450 million. Should this budget not be entirely used in the first session in March 2016, a new session will be opened in July 2016....more »

Belgian aerospace company Sonaca signed an 8.5 million Euro loan with the European Bank for Reconstruction and Development for the expansion of the production facility on Romania. The plant, located in Cluj county, will produce wing components for aircraft manufacturers such as Airbus and Embraer. The new plant will be completed in two years. Sonaca Aerospace company, is an 80 year old group operating in the areas of development, manufacturing, assembly and testing of aerospace metallic and composite structures and their associated systems, managed to also get state aid funds totaling 5,4 million EUR in mid September 2015, in order to open the new facility in Romania. The state aid project was assisted in Romania by german law fir Noerr....more »

The company Vector Watch, founded by Romanian entrepreneur Radu Georgescu obtained the third financing after it's launch in value of 5 million dollars. The funds will be used to extend US office and product development. Financing came from parent company Gecad Group that led the investment with 2 mil. $, Followed by 3TS Fund Catalyst Romania 1.6 mil. $ and a number of private investors among which the co-founders of eMag who made the difference of 1.4 mil. $. The investment fund Catalyst Romania was represented in the process by law firm RTPR Allen&Overy, with a team led by Costin Taracila. ...more »

Dentons Bucharest office has advised the International Investment Bank in connection with a new project in Romania.The project envisaged a €15 million loan granted to the manufacturer of electrical wirings - Romcab Targu-Mureș. The credit f...more »

Bucharest City Hall has borrowed 2.2 billion RON through a bond issue listed on the Bucharest Stock Exchange in the largest bond issue ever in Romania started by a municipality....more »

Azomures has secured 75 million euro from a 10-year syndicated loan provided by BCR in cooperation with UniCredit Tiriac Bank. Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP acted as legal advisors to the lenders, reads a joint press release. The law firms were also involved in the 66 million loan facility arranged by Ceska sporitlena  in cooperation with BCR(66 million euro) Azomures  signed in May this year....more »

The much-expected ‘re-writing’ of the Fiscal Code is little likely be approved by the Parliament by the end of this year, hence, any amendments to the existing one will be eventually made through an emergency ordinance in 2015, explained Dan Badin, Tax&Legal Partner-in-Charge with Deloitte Romania, during the company’s annual Legal & Tax conference. A new deferral in updating the Fiscal Code is a result of the slow decision-making process within the Parliament, as most of the related tax issues have been discussed during the consultations held with the business environment, stated Badin. ...more »

The Ministry of Finance issued a draft law for amending the Law no. 297/2004 on the capital market. The bill, which can be checked on the ministry’s website, is aimed at aligning the current legislation to the existing standards in order for Romania be ranked as an emergent capital market, thus increasing external visibility and attracting new investors. This legislative approach is part of a broader initiative of a working group lead by the Bucharest Stock Exchange and which comprises representatives of the domestic capital market, the Financial Supervisory Authority and of the National Bank of Romania....more »

After three consecutive years of financial loss, the Romanian banking system returned to profit in 2013 leaving room for some optimism with respect to its profitability in 2014. Lower provision costs amid the slower growth rate of non-performing loans (NPLs), corroborated by a drop in operating expenses subject to staff adjustments and territorial network resizing had a positive effect on the domestic banking sector. Thus, the net aggregate profit of the 40 banks and financial institutions in Romania amounted to lei 48.6 million, following a major loss of lei 2.3 billion in the previous year, shows the annual report released by the National Bank of Romania....more »

BCR has concluded a financing agreement of 32 million with AFI Europe, funds which will be directed to AFI Park 2 and 3 office buildings. Part of the loan, 17 million euro, is destined to investment in AFI Park 2, while the remaining amount of 15 million euro will be used for the development of AFI Park 3, reads a press release of the company. “Getting this loan will allow AFI Europe to recover the entire capital invested in AFI Park 2, whose development was supported through own funds and complete AFI Park 3, whose inauguration is scheduled to take place by the end of this year”, commented David Hay, CEO AFI Europe Romania. ...more »