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

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Garanti BBVA Leasing, part of Garanti BBVA Group Romania, 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.”

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