Bucharest, July 7, 2022 – Garanti BBVA Consumer Finance, part of Garanti BBVA Group Romania, one of the most dynamic financial groups on the local market, has signed a loan agreement of EUR 10 million with the International Finance Corporation (IFC), aiming to help Romanians reduce their homes’ carbon footprints.
Through the new agreement, Garanti BBVA Consumer Finance has become the first non-banking financial institution (NBFI) active in this segment in Romania to receive funding for green financing from IFC, a member of the World Bank Group.
The EUR 10 million loan will allow Garanti BBVA Consumer Finance to provide advantageous financing to individuals who choose to invest in products that contribute to the protection of environment, respectively a wide range of energy efficient A+++ energy class domestic appliances, and energy-efficient improvements for their houses and apartments, such as envelope insulation, energy efficient windows and roof-top solar photovoltaics (PV) panels. Moreover, money can also be used to buy electric and hybrid vehicles, e-scooters or e-bicycles.
“Climate change is a serious challenge to human existence and nature, and we cannot stand aside. The agreement with our long-term partner, IFC, will help us grow our green loan portfolio, thus supporting more Romanians and country`s climate goals,” stated Tolga Banyocu, General Manager at Garanti BBVA Consumer Finance. “We are convinced that every input, no matter how minor, is essential for our future and the next generations.”
Garanti BBVA Group has had a long-term partnership with IFC and has received over the years several loans from the financial institution. Yet, this is the first time the money is aimed at financing individuals planning sustainable acquisitions and thus contributing to protecting the environment.
”IFC is committed to helping Romania accelerate its green transition and this operation will help promote consumer finance as part of the available tools for climate financing,” said Vittorio Di Bello, IFC’s Regional Head of Industry for Financial Institutions in Europe. He added, “We hope to demonstrate how non-banking financial institutions can engage in this space, to help diversify product offerings in the financial sector and boost private sector growth.”
IFC has supported private sector development in Romania for over 30 years, with a committed exposure reaching USD 1,114 billion as of June 2021.
About Garanti BBVA Consumer Finance
Garanti BBVA Consumer Finance is part of the financial-group Garanti BBVA Romania, which brings together also Garanti BBVA and Garanti BBVA Leasing. Garanti BBVA Group Romania is held by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA). Incorporated in Romania as of 1997, Garanti BBVA Consumer Finance (the brand under which the company Ralfi IFN S.A. operates) is a non-bank financial institution that provides consumer finance. In recent years, Garanti BBVA has focused on green financing and launched in 2021 its first green loan for individuals planning sustainable acquisitions.
Garanti BBVA is part of Garanti BBVA Group Romania, together with Garanti BBVA Leasing and Garanti BBVA Consumer Finance, which complete the bank’s offer with specific leasing products, fleet management services, as well as consumer loans.
For further information and to stay updated, please visit www.garantibbvacreditedeconsum.ro, and follow https://www.facebook.com/GarantiBBVACreditedeConsum.ro and https://ro.linkedin.com/company/garanti-bbva-credite-de-consum.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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