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January 18, 2022

EUR 22.5 M IFC loan to Garanti Bank Romania to finance SMEs run by women

International Finance Corporation (IFC), member of the World Bank Group, is providing a EUR 22.5 M loan to Garanti Bank Romania to help finance small and medium businesses in Romania, especially those owned or managed by women entrepreneurs. Tomasz Telma (PhotoL), IFC Director for Europe and Central Asia, said in a press conference after IFC – Garanti Bank signing ceremony, that the transaction is IFC’s first loan specifically designed to assist enterprises run by women entrepreneurs in Eastern Europe. “Women play a crucial role in business, and they have a direct impact on the type and quality of economic growth that a country experiences,” the Director for Europe and Central Asia said, continuing: “Strengthening women’s participation in the Romanian private sector both empowers women and harnesses untapped potential for advancing development.”Garanti Bank Romania has recently developed a special product for women entrepreneurs, benefiting from its parent bank’s experience in financing women-owned enterprises in Turkey.  “Since the launch package in 2010, Garanti Bank has attracted 1,400 companies in its portfolio which have women shareholders or members of management. In addition, to date, Garanti Bank has granted over EUR 9 M loans to more than 120 SMEs owned by women”, said Burak Yildiran (PhotoR), Deputy General Manager of Garanti Bank Romania. Most of these companies operate in Bucharest, followed by Craiova, Covasna, Iasi and Galati, activating in various industries such as trade, services, production, health and social assistance.This financial year, IFC will support investments and advisory projects that will provide access to financial services to more than 15 million clients, of which at least half will be women, and more than 1 million SMEs, of which at least 25 per cent will be women-owned, said Tomasz Telma.

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