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IFC to Boost Lending to SMEs, Renewable Energy, and Energy Efficiency in Romania

Bucharest, Romania, October 27, 2014— IFC, a member of the World Bank Group, is providing a €7 million loan to Garanti Leasing Romania to support smaller businesses and, with a specially earmarked €4 million, finance energy efficiency and renewable energy projects.
Small and medium-sized companies are critical to Romania’s economic development, and adequate financing is crucial to their growth.
“Funding SMEs has been one of our top priorities in 2014,” said Okan Yurtsever, General Manager Garanti Leasing, part of Garanti Group Romania and the eighth largest leasing company in the country, with 5.4 percent market share. “Our strategy in the months to come is to continue our healthy, sustainable growth, expanding our market share and diversifying our portfolio of financed assets, while focusing on SMEs and the public sector.”
Since 2003, IFC has provided $955 million, through investments and partner commitments, to fund energy efficiency and renewable energy projects in Central and Eastern Europe. This is the third IFC loan to a Garanti Group institution in Romania with the aim of financing SMEs, and the first to Garanti Leasing. IFC granted Garanti Bank Romania a loan in February 2012, and another earlier this year, totaling €57.5 million.
“This is the first IFC loan to a financial institution in Romania aimed at energy efficiency and renewable energy projects,” said Ana Maria Mihaescu, IFC Chief of Mission in Romania. “By working with Garanti Leasing Romania, we are supporting the flow of credit to small and medium-sized companies and encouraging their investments in energy efficiency and renewable energy projects.”
Romania became a member of IFC in 1990. Since then, IFC's investment in Romania has totaled $2.5 billion, including funds mobilized from our partners. IFC’s role in Romania is changing in light of the country’s EU membership and the growing availability of private financing. In Romania IFC has focused on agriculture, general manufacturing, infrastructure, and health. IFC has also invested in the country’s financial markets and works to improve access to finance for smaller businesses in Romania.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit .
About Garanti Leasing
With a tradition of over 15 years on the Romanian leasing market, Garanti Leasing (the brand under which the company Motoractive IFN SA operates) completes Garanti Group’s range of products and services. The company has disbursed over EUR 700 million worth of assets under finance leases and entered into over 40,000 lease contracts since its inauguration. It currently operates from seven offices, creating synergies with Garanti Bank’s 80 branches. Garanti Leasing has been part of the financial-group Garanti Romania since 2010. The Group also brings together Garanti Bank and Garanti Consumer Loans (the brand under which Ralfi IFN operates). Garanti Group Romania is owned by Turkiye Garanti Bankasi AS (TGB), the second largest private bank in Turkey. For further details, please visit .
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