Romanian social enterprises to get financing boost as EIF teams up with domestic lender AFIN IFN

This article is published in association with European Investment Bank.

• EIF commits €480,000 to Romanian non-bank lender AFIN IFN to enhance support to the country’s social economy
• Subordinated loan to increase the institutional capacity of a Romanian non-bank financial institution that serves social enterprises
• Backed by InvestEU, this agreement supports the development of an inclusive finance ecosystem

Versiunea în limba română aici

Romanian lender AFIN IFN SA will strengthen its capacity to finance social enterprises, cooperatives and non-governmental organisations across the country with European Investment Fund (EIF) backing of 2.5 million Romanian lei (about €480,000).

The EIF support takes the form of a subordinated loan to AFIN IFN, which is the first non-bank financial institution in Romania dedicated to financing the social economy.

The 10-year agreement reinforces the capital base of AFIN IFN, enabling it to increase financing for organisations operating in Romania’s social economy. Social economy organisations in Romania face limited access to traditional financing despite growing demand for investment and working capital.

We are pleased to support AFIN IFN in expanding financing opportunities for Romania’s social economy. ”

– EIF Head of Inclusive Finance, Cristina Dumitrescu

“This operation will contribute to the development of a more inclusive and resilient economy.” The operation is supported by InvestEU, the European Union programme aimed at mobilising public and private investment in support of sustainable, inclusive and innovative growth across Europe.

In particular, the EIF backing is made possible through the InvestEU Capacity Building Investment instrument, which supports financial intermediaries that offer financial and non-financial services aimed at enhancing access to finance for micro and social entrepreneurs across Europe.

“This agreement represents an important step in our institutional development and strengthens our capacity to support social enterprises throughout Romania,” said AFIN IFN Chief Executive Officer Felicia Relenschi. “The partnership with the EIF enhances our financial resilience and supports our objective of building sustainable financing solutions dedicated exclusively to the social economy sector.”

AFIN IFN, based in Iași in northeastern Romania, tailors its lending to meet the needs of social enterprises, NGOs and cooperatives. Since becoming operational in 2023, it has provided more than 130 loans totalling approximately €2.5 million across Romania.

Background information

The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union. Beyond long-term loans for large infrastructures, the EIB Group crowds-in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.

The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium size businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilizes private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs. In 2023, the EIF together with six member states (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund of funds to scale-up innovative startups. This initiative has already enabled the creation of 12 European venture capital mega-funds and scaled up 38 companies, including 11 unicorns (with more than €1 billion in capital).

Photos of the EIB Group’s spokespeople and headquarters, logo files and video B-roll for media use are available here. 

The InvestEU programme provides the EU with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to crowd in private investment for the EU’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

AFIN IFN SA is the first Romanian-capital non-banking financial institution dedicated exclusively to the social economy sector. A certified social enterprise itself, AFIN reinvests 90% of its profits into social purposes and operates in partnership with Social Finance Association and ADV Romania. AFIN IFN supports NGOs, cooperatives and social enterprises through financing and dedicated financial services tailored to the needs of the social economy ecosystem.