IFC grants EUR 7 mln loan to Romanian Garanti Leasing, of which EUR 4 mln for green energy projects

Garanti Leasing, part of financial group Garanti Romania, received a EUR 4 million loan from International Finance Corporation (IFC), World Bank’s investment arm, to finance energy efficiency and renewable energy projects. This is part of a EUR 7 million loan IFC granted to Garanti Leasing, to help it finance small and medium sized enterprises. “By working with Garanti Leasing Romania, we are supporting the credit flow to small and medium sized companies and encouraging their investments in energy efficiency and renewable energy projects”, said Ana Maria Mihaescu, chief of IFC’s mission in Romania. In the first half of this year, Garanti Leasing granted new financing worth EUR 36.2 million, a 68% increase compared to the same period last year. Almost two thirds of the loans financed vehicle acquisitions, 30% went to equipment purchases and 6% to real-estate. The company made a net profit of EUR 1.34 million in the first semester. “Funding SMEs has been one of our top priorities in 2014. Our strategy in the months to come is to continue our healthy sustainable growth, expanding our market share and diversifying our portfolio of financed assets, while focusing on SMEs and the public sector”, said Okan Yurtsever, general manager of Garanti Leasing. This is the third loan IFC grants to a Garanti Group institution, with the purpose of financing SMEs. In February 2012 and earlier this year, IFC granted Garanti Bank two loans, amounting to EUR 57.5 million in total. Garanti Group Romania is part of Turkish group Garanti Bankasi, the second largest bank in Turkey. Andrei Chirileasa, andrei@romania-insider.com