IFC lends 36.6 mln lei (7.99 mln euro) to Patria Credit to expand microfinancing in Romania

This financing is consistent with the World Bank Group’s strategy in Romania to increase economic growth and competitiveness, reduce poverty and inequality, and expand growth by providing access to finance for smaller companies along with low and middle-income households, the IFC, a member of the World Bank Group, said in a statement.

“IFC’s support will allow us to increase financial inclusion and reduce gaps in formal financing for local microenterprises, many of which are managed by women,” Patria CEO Bogdan Merfea said in the statement.

Romania became a member of IFC in 1990. IFC's investment portfolio in Romania totals nearly $600 million (460 million euro).

Patria Credit was established in 2007 by the Romanian America Enterprise Fund, which took over ownership of Capa Finance and rebranded it Patria Credit in 2009. With 42 branches and over 12,000 customers, Patria’s strategy targets small entrepreneurs and agricultural producers, extending access to financial services in both urban and rural areas.

(1 euro=4.5756 Romanian lei)