IFC extends USD 10 million loan to Patria Credit
2012-10-23 12:26:00
IFC, a member of the World Bank Group, is providing a RON 36.6 million (USD10.4 million) loan to Patria Credit, Romania’s largest non- banking microfinance institution reaching more than 12,000 clients in 29 provinces. This financing is consistent with the World Bank Group’s strategy in Romania to increase economic growth and competitiveness, reduce poverty and inequality, and expand growth by providing access to finance for smaller companies, low and middle-income households.
“IFC’s support will allow us to increase financial inclusion and reduce gaps in the formal financing for local microenterprises, many of which are managed by women,” said Bogdan Merfea, Patria’s CEO.
K. Aftab Ahmed, IFC Director for Financial Markets in Europe, Central Asia, Middle East and North Africa, said, “We are working with Patria to ensure that finance continues to flow to businesses and people that need it. Our loan will increase funding to the smaller companies that generate a large share of growth and employment opportunities in the country.”
Romania became a member of IFC in 1990. IFC’s investment portfolio in Romania stands at nearly USD 600 million. IFC’s role in Romania is changing in light of the country’s EU membership and the growing availability of private financing. IFC in Romania is focused on agriculture, general manufacturing, infrastructure, and health. IFC also invests in the financial markets and works to provide access to finance for smaller businesses in Romania.