The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has loaned EUR 35 million (USD 47.5 million) to Garanti Bank Romania, the Romanian arm of the Turkey-based Garanti Bank, to support on-lending to small and medium-sized enterprises (SMEs), including loans totaling EUR 20 million (USD 27.2 million) to companies owned or managed by women. As MicroCapital reported at the time, IFC also loaned Garanti Bank Romania EUR 22.5 (USD 32.3 million) in March 2012 with the aim of supporting women entrepreneurs [1].
As of 2013, IFC had 184 member countries and reported total assets of USD 77.5 billion, return on assets of 1.3 percent and return on capital of 4.8 percent [2]. As of fiscal year-end 2013, Garanti Bank reported total assets of TRY 222 billion (USD 103 billion), total deposits of TRY 119 billion (USD 55.6 billion) and a network of correspondent banks in 160 countries. As of the same date, Garanti Romania reported consolidated assets of EUR 1.93 billion (USD 2.6 billion) and 78 branches in the country [3].
By Benjamin Krupp, Research Associate
About International Finance Corporation
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, 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. IFC reported total assets of USD 77.5 billion, return on assets of 1.3 percent, return on capital of 4.8 percent and has 184 member countries as of fiscal year-end 2013.
About Garanti Bank
Garanti Bank (GB) is a private bank based in Turkey. It serves approximately nine million customers in seven countries with services including payment systems, pension, leasing, factoring, brokerage and asset management. Founded in 1946, the bank has a network of 936 domestic branches; eight branches in Cyprus, Luxembourg and Malta; and three representative offices in London, Düsseldorf and Shanghai. As of fiscal year-end 2013, Garanti Bank reported total assets of TRY 222 billion (USD 103 billion), total deposits of TRY 119 billion (USD 55.6 billion) and a network of correspondent banks in 160 countries. The bank has a program for women entrepreneurs called the Women Entrepreneurs’ Support Package, which offers benefits to women seeking business loan options such as special rates, letters of credit, long-term loans and pension programs.
Sources and Additional Resources
[1] SME Finance Forum: IFC Boosts Small Businesses, Women Entrepreneurs in Romania
[2] IFC: Annual Report 2013
[3] Garanti Bank: Annual Report 2013
MicroCapital, June 16, 2014: International Finance Corporation (IFC) Loans $18m to Microfinance Institution Financiera Confianza Peru to Support Low-Income Entrepreneurs
MicroCapital, June 11, 2014: International Finance Corporation (IFC) Signs Deals with AB Bank Rwanda, IHS Holding of Nigeria, Urwego Opportunity Bank of Rwanda to Expand Microfinance, Telecommunications
MicroCapital, January 24, 2014: European Bank for Reconstruction and Development (EBRD) Loans $68m to Garanti Leasing of Turkey to Support On-lending to Micro-, Small, Medium-sized Enterprises (MSMEs)
MicroCapital, March 1, 2012: International Finance Corporation (IFC) Loans $32m to Garanti Bank Romania for Small and Medium-Sized Enterprises
MicroCapital Universe Profile: International Finance Corporation (IFC)
MicroCapital Universe Profile: Garanti Bank
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