Alina Oprea • 19 October, 2023 at 6:03 PM
Garanti BBVA Leasing, part of the Garanti BBVA Group, has signed a new loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group, in the amount of €20 million. The funds will be used to support small and medium-sized companies in Romania in accessing green financing and to contribute to environmental protection, by reducing climate risks and focusing on the positive environmental impact of the projects.
Out of the total of €20 million, 80% will be directed towards green financing provided to SME customers, while 20% will be allocated to support projects undertaken by Women Majority Controlled SMEs (WMC), continuing Garanti BBVA`s strategy of supporting women entrepreneurs.
"This achievement marks a crucial moment in our strong commitment to sustainability and nature-friendly initiatives, and also to the support of businesses owned or led by women. With this new funding, we are well-equipped to offer our customers innovative leasing options that encourage and empower them to make environmentally conscious, sustainable purchases. Our mission is not only to provide leasing services but also to drive positive changes in the world by promoting eco-conscious choices. Together with our international partner, we are dedicated to shaping a greener and more sustainable future for all," said Okan Yurtsever, General Manager, Garanti BBVA Leasing.
Garanti BBVA Leasing has a long-term partnership with IFC, which began in 2014, and has received four loans from this financial institution to date. Over time, the funds have been directed towards supporting investments in energy efficiency, and renewable energy, and providing financial support for initiatives of companies predominantly controlled by women.
“IFC's financing to Garanti Leasing will enhance access to funding for underserved SMEs, increase access to finance for women-owned businesses, and support climate mitigation efforts,” said Ary Naïm, IFC Manager for Central and South Europe.
Garanti BBVA Romania is owned by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).
IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. Activates in over 100 countries. In fiscal year 2023, the IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, harnessing the power of the private sector to end extreme poverty and boost shared prosperity in the context of which economies face the impact of cumulative global crises.