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June 26, 2022

IFC, financing worth USD 250 M in Romania since the beginning of the crisis

The exposure on Romania of the International Finance Corporation (IFC), the financing arm of the World Bank, increased from USD 50 M at the beginning of the crisis to USD 300 M last year, by supporting SMEs and banks, the head of the IFC bureau in Romania, Ana Maria Mihaescu announced, Mediafax reports. “During times of crisis, international financial institutions have an acyclic role, they give financing lines with higher volumes, because outside the crisis there are the remaining financial institutions, which can cover the need,” Mihaescu explained.She explained that IFC has access to funds without the limitations imposed to commercial banks, and focuses on the sectors that can have a beneficial impact on the economy. “In Romania’s case, we want to support the financial institutions affected by crisis, to give financing lines for the development of SMEs. We developed very much and continue to grant trade finance lines for banks, because the companies that develop export activities need financing, we reached exposure of over EUR 150 M for financing exports and imports,” Mihaescu said.The IFC official explained that one of the sectors which Romania should seriously focus upon is represented by public-private partnerships in infrastructure, in sectors like energy, transport or logistics, because the other sectors benefit from the existence of infrastructure, which also creates jobs. “If we want an economy with sustainable growth drivers we must focus on agriculture. We try to identify private players which have potential in these zones and want to take a risk,” Mihaescu added.

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