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, says Romania-Insider.com.
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 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.
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