February 26 (SeeNews) - Financial group Garanti Romania said on Monday it has signed two loan agreements worth 32 million euro ($39.5 million) with the International Finance Corporation (IFC), to finance small and medium sized enterprises (SMEs) and companies owned or managed by women.
The loan will help finance smaller businesses, with half the money earmarked for on-lending to companies owned or managed by women, Garanti Group Romania said in a press release.
The group has signed a 25 million euro and 7 million euro loan agreements with IFC in December 2017 and February 2018, respectively, to boost financial inclusion, especially for women entrepreneurs.
Over the past six years, IFC has committed a total of 70 million euro to Garanti Group Romania, which includes banking and leasing services, to help finance SMEs.
“Entrepreneurship is an important engine that has boosted the development of the economy in Romania. We are active supporters of this sector in general, and of women entrepreneurs in particular, and we will continue to focus on being a solid trustworthy partner for our clients," Garanti Group CEO Ufuk Tandogan said.
In line with IFC’s regional strategy, the financing will especially support companies that have women as shareholders or in top management positions. Currently, there are more than 480,000 companies in Romania where women are shareholders and play a decisive management role, and around 165,000 companies that are wholly owned by women.
"Strengthening women’s participation in the Romanian private sector harnesses untapped potential for employment and economic growth. Our partnership with Garanti Group Romania ensures that smaller companies and women entrepreneurs will continue to have access to the funds they need to grow and create jobs," IFC regional manager for central and southeast Europe Thomas Lubeck said.
The IFC is a sister organization of the World Bank and member of the World Bank Group. focusing on the private sector in emerging markets.
Garanti Group Romania is held by Turkiye Garanti Bankasi AS (TGB), Turkey’s second largest private bank.
Garanti Group Romania consists of Garanti Bank, Garanti Leasing, the brand under which Motoractive IFN operates and Garanti Consumer Finance, the brand under which Ralfi IFN operates. The group offers financial services to more than 500,000 clients on the local market.
($=0.8095 euro)
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