Bucharest, Romania, February 23, 2011—IFC,
a member of the World Bank Group, is providing a €22.5 million loan to
Garanti Bank Romania to help finance small and medium businesses in Romania,
especially those owned or managed by women entrepreneurs.
The transaction is IFC’s first loan
specifically designed to assist enterprises run by women entrepreneurs
in Eastern Europe. Garanti Bank Romania has recently developed a special
product for women entrepreneurs, benefitting from its parent bank's experience
in financing women-owned enterprises in Turkey.
“Working with our strategic partner
IFC, we will identify innovative approaches to promote women in business,”
said Burak Yildiran, Deputy General Manager of Garanti Bank Romania. “Among
our clients, there are many successful businesses led by women. Together
with IFC, we will create additional opportunities for women in business,
and work to transform the Romanian market.”
This fiscal 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 small and medium enterprises, at least 25 percent of
them owned by women.
“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,” said Tomasz Telma, IFC Director for Europe
and Central Asia. “Strengthening women’s participation in the Romanian
private sector both empowers women and harnesses untapped potential for
Romania became a member of IFC in 1990.
IFC’s portfolio in Romania stands at $632 million. IFC’s role in Romania
is evolving in light of the country’s EU membership and the growing availability
of private financing. In addition to its work in financial markets, IFC
has focused on agriculture, general manufacturing, infrastructure, and
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org
To learn more about Garanti Romania,