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Garanti BBVA Leasing signs a EUR 10 million loan agreement with IFC, to support SMEs impacted by the COVID-19 pandemic

Bucharest, August 03, 2021 – Garanti BBVA Leasing, 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), member of World Bank Group, aiming to support SMEs affected by the pandemic.

This new agreement signed by Garanti BBVA Leasing will provide financial leases to small and medium-sized enterprises in Romania, including women-owned businesses, impacted by the COVID-19 pandemic, and will help them to continue operations, protect jobs, and accelerate recovery.

”The effects of the pandemic are being felt throughout the economy, and companies, SMEs in particular, are in great need of our support. Garanti BBVA Leasing has a long-standing partnership with IFC and became in 2017 the first leasing company in Romania that financed women owned or managed SMEs. Now, we intend to continue our strategy in 2021 toward this direction and we are also very proud to have an aligned mission of supporting the post-pandemic return to normalcy”, stated Okan Yurtsever, General Manager, Garanti BBVA Leasing.

The financing package is part of IFC’s USD 8 billion global COVID-19 fast-track financing facility, which aims to support private companies and their employees hurt by the effects of the COVID-19 pandemic on the economy.

“Given the pandemic, supporting SMEs is pivotal for Romania’s economic recovery. With this funding, IFC takes another step toward supporting small businesses, including women entrepreneurs, so that they can grow their businesses and generate new employment,” said Vittorio Di Bello, IFC’s Regional Head of Industry for Financial Institutions in Europe and Central Asia. “The goal is to help SMEs overcome the disruptions caused by COVID-19, enabling them to explore new business opportunities as the country recovers from an unprecedented crisis.”

About Garanti BBVA Leasing

Garanti BBVA Leasing (the brand under which the company Motoractive IFN SA operates) is part of the financial group Garanti BBVA Romania. The Group also brings together Garanti BBVA and Garanti BBVA Consumer Finance (the brand under which Ralfi IFN operates).

With a tradition of over 20 years on the Romanian leasing market, Garanti BBVA Leasing completes Garanti BBVA Group’s range of products and services with offers for vehicles, equipment and real estate leasing, sale & lease-back.

Garanti BBVA Group Romania is held by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

For further details, please visit: www.garantibbvaleasing.ro

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 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

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