International Finance Corporation (IFC), the private sector arm of the World Bank Group, is providing a EUR 58 million (USD 76.3 million) loan to Bancpost, a universal bank established in Romania in 1991, for lending to micro-, small and medium-sized enterprises (MSMEs).
Bancpost is a subsidiary of EFG Eurobank Ergasias, a banking group based in Greece with operations in 10 European countries. As of year-end 2009, Bancpost had total assets of EUR 3.5 billion (USD 4.6 billion) and a gross loan portfolio of EUR 1.6 billion (USD 2.1 billion). IFC has 182 member countries that collectively determine its policies and approve investments. In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.
By Witt Gatchell, Research Associate
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) offers loan and debt securities, equity investments, advisory services and technical assistance intended to alleviate poverty and promote open and competitive markets in developing countries. IFC has 182 member countries that collectively determine its policies and approve investments. During its fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.
Sources and Additional Resources:
[1] IFC Press Release: “IFC Helps Eurobank Increase Access to Finance for Smaller Businesses in Romania” http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDoc…
MicroCapital Universe Profile: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
Browse the MicroCapital Universe and add your entry to the wiki at:
https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Vanuatu Launches Vanklia System to Automate Large, Small Payments
- MICROCAPITAL BRIEF: CRDB Bank Burundi Borrows $5m from IFC for Agricultural Microfinance, SME Lending
- MICROCAPITAL BRIEF: OnePuhunan Borrows $10m from MicroVest to Boost Microfinance for Women in the Philippines
- MICROCAPITAL BRIEF: Oxfam, Goodwell Launch Pepea, $23m Fund to Invest in SMEs in East Africa
- MICROCAPITAL BRIEF: World Bank’s IDA Lending $15m to Djibouti for Low-income Housing Finance, Policy Reform
