The European Investment Fund has signed its first loan guarantee for Romania’s involvement in the EU’s Erasmus+ academic mobility programme.
The guarantee, amounting to €4.5 million, should help 450 masters students finance some time studying in another country through Erasmus+, the fund announced on 3 April. It will help the students get more favourable conditions when applying for a loan to study in an EU member state, Iceland, Liechtenstein, North Macedonia, Norway or Turkey, it said.
The EIF reached an agreement with FINS, a Romanian financial institution. FINS president Alexandru Ghita said that the deal “really meets the actual financial needs of Romanian students: covering both tuition fees and living costs, cognisant of the lack of employment history of many students and using as the main evaluation criteria their academic and professional background and potential”.