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IFC provides USD 16 mln financing to Romanian Banca Transilvania subsidiary

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IFC, a member of the World Bank Group, will provide a USD 16 million financing to BT Mic, a subsidiary of the largest Romanian lender – Banca Transilvania – that specializes in loans to micro and small enterprises.

The financing is mainly aimed at improving the financial inclusion of women-owned small businesses in Romania.

“IFC’s support will enable BT Mic to provide much-needed financing for start-ups and small businesses in Romania,” said Cristina Sindile, BT Mic’s CEO.

“The availability of financing for these small entrepreneurs is crucial for their sustainability and capacity to create jobs and contribute to the economy.”

The non-banking financial institutions are critical in addressing the scarcity of MSE funding, which is less than 2% of the GDP in Romania. IFC’s financing to BT Mic is designed to address the challenges that MSEs face in access to finance in Romania. Half of the IFC financing is earmarked for women-owned enterprises, seeking to empower them to play a larger role in the economy.

“We expect this financing to help boost financial intermediation for women entrepreneurs,” said Vittorio Di Bello, IFC Regional Industry Head for Financial Institutions Group, Europe and Central Asia.

BT Mic, part of Banca Transilvania Financial Group (BT), is dedicated to the financing of very small businesses, including start-ups, complementing the role of BT in supporting Romanian entrepreneurs. It targets entrepreneurs with an annual turnover up to RON 1 million, regardless of the field of activity and the form of organization.

 

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