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August 11, 2022

Garanti BBVA Romania signs a EUR 40 million loan agreement with The Black Sea Trade and Development Bank to support SMEs affected by the COVID-19 pandemic

Garanti BBVA Romania, one of the most dynamic banks on the local market, has signed a loan agreement of EUR 40 million with the Black Sea Trade and Development Bank (BSTDB), to support small and medium-sized enterprises (SMEs) impacted by the COVID-19 pandemic.

The five-year facility will allow Garanti BBVA to broaden access to finance for local industrial, agricultural, and service-oriented businesses and is meant to help SMEs with their development plans and working capital needs. In addition, the funds will encourage exports, job retention, and economic development.

The pandemic had caused important dislocation among small and medium-sized enterprises from its onset, and the last two years have not been easy for these entities. However, in Garanti BBVA, we understood from the beginning that SMEs are the backbone of the Romanian economy and, therefore, supporting them has become a priority for us, and we have made every effort to meet their needs. We are very pleased to continue our successful partnership with BSTDB, because we know that, together, we can help the business environment and the local economy, including at times of challenge”, stated Mustafa Tiftikcioğlu (photo), CEO of Garanti BBVA Romania.

Garanti BBVA Group has a long-term partnership with BSTDB, dating back to 2014. The recent loan is the sixth agreement signed, raising the amount of the loans to EUR 80 million. Earlier this year, the BSTDB extended a new EUR 20 million loan to Garanti BBVA Leasing and another EUR 10 million equivalent loan to Garanti BBVA Consumer Finance, both part of the Garanti BBVA Group.

“Small and medium-sized businesses are vital for the Romanian economy. Today’s signing demonstrates BSTDB’s commitment to strengthening the real economy, and especially the SME segment, which has been worst hit by the pandemic. Our strengthened partnership with Garanti BBVA Group will help small businesses bolster their resilience, make necessary investments, preserve jobs and continue to contribute to the country’s economy in this unprecedented crisis,” said Dmitry Pankin, BSTDB President.





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