The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to loan EUR 22.5 million (USD 32.3 million) to the Romanian branch of Garanti Bank “to help finance small and medium businesses in Romania, especially those owned or managed by women entrepreneurs.” This is characterized as the first IFC loan specifically catered to women in Eastern Europe [1].
As of 2010, Garanti Bank has 800 branches, approximately nine million customers, total assets of USD 78 billion, and operations in seven countries. IFC has investments in Romania of USD 632 million focused on agriculture, manufacturing, infrastructure, healthcare and financial markets.
By Brendan Millan, Research Associate
About Garanti Bank: Garanti Bank is a private bank based in Turkey. It serves approximately nine million customers with a variety of services including payment systems, pension, leasing, factoring, brokerage and asset management. Founded in 1946, the bank has 800 branches, total assets of USD 78 billion and operations in seven countries, as of 2010. The bank has a Women Entrepreneurs’ Support Package, which offers benefits to women seeking business loans such as special rates, letters of credit, long-term loans and pension programs.
About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
Sources and Resources:
[1] International Finance Corporation (IFC): “IFC Loan to Finance Small and Medium Companies, Women Entrepreneurs in Romania.”, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/C126D273307C9047852579AD00326879?OpenDocument
MicroCapital.org Article, December 30, 2010, “International Finance Corporation (IFC) Provides $76m Loan to Bancpost to Support Lending to micro-, small and Medium-sized Enterprises in Romania”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-provides-76m-loan-to-bancpost-to-support-lending-to-micro-small-and-medium-sized-enterprises-msmes-in-romania/
MicroCapital.org Article, February 16, 2010, “European Bank for Reconstruction and Development (EBRD), Netherlands Development Finance Company (FMO), International Cooperation and Development Fund (Taiwan ICDF) Loan $68m to Garanti Bank for Microfinance Operations”, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-netherlands-development-finance-company-fmo-international-cooperation-and-development-fund-taiwanicdf-loan-68m-to-gar/
MicroCapital.org Article, November 30, 2009, “European Bank for Reconstruction and Development (EBRD) and Other Investors Provide €50 million Syndicated Loan Facility to Garanti Bank for Microfinance”, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-and-other-investors-provide-e50-million-syndicated-loan-facility-to-garanti-bank-for-microfinance/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Garanti Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Garanti+Bank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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