Washington D.C., April 25, 2002
—The International Finance Corporation, the private sector development arm of the World Bank Group, has invested US$2.025 million to help establish Microfinance Bank MIRO S.A., a bank that will provide credit and other financial services to micro-and small-sized enterprises in Romania.
The IFC investment comprises a share purchase of $2.025 million in MIRO, amounting to 22.5 percent of the bank’s shareholding. The Bank’s paid-in capital will be $9.0 million equivalent, which includes IFC’s share purchase and investments by IFC’s partners: the European Bank for Reconstruction and Development (EBRD), Deutsche Entwicklungsgesellschaft (DEG), Commerzbank AG, and Internationale Micro Investitionen AG (IMI).
“IFC is committed to supporting and strengthening Romania’s financial sector to enable it to provide much-needed financing to promote the development and growth of entrepreneurs in the micro and small business sectors,” said Mr. Khosrow Zamani, Director of IFC’s Southern Europe and Central Asia Department. “We are very pleased to further develop our strong relationships with EBRD, DEG, Commerzbank and IMI,” he added.
IFC's mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses. Since its founding in 1956, IFC has committed more than $31 billion of its own funds and arranged $20 billion in syndications for 2,636 companies in 140 developing countries. IFC's committed portfolio at the end of FY01 was $14.3 billion.
