The European Fund for Southeast Europe (EFSE) has provided a senior loan of EUR 15 million to the Romania-based Garanti Leasing, a member of Garanti Group. The loan aims to increase access to financing for local micro and small enterprises and individual entrepreneurs.
Garanti Leasing is a strong name in the Romanian financial sector, committed to providing tailored financing solutions to SMEs operating across various sectors of the economy. Garanti Leasing and EFSE have been partnering since 2014, when the first loan facility was signed and successfully on-lent by the company.
EFSE Board Chairman Christoph Tiskens said: "We are very pleased to expand our cooperation with Garanti Leasing Romania. The company has the expertise, capacities and infrastructure to reach out to businesses across the country in a responsible manner, furthering the development goals of EFSE.”
Garanti Leasing General Manager Okan Yurtsever said: "Entrepreneurship is an important factor that has boosted the development of the economy in Romania. Garanti Leasing, like all Garanti Group institutions, is a strong supporter of entrepreneurs, and we have a long-term commitment to stand by them with tailored business development solutions. EFSE has been a partner for Garanti Leasing in the past years and we are thus glad to sign this new agreement and reinforce our mutual objectives.”
About the European Fund for Southeast Europe
The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding the EFSE provides as long-term finance primarily for micro and small enterprises (MSEs) – but also for private households in the form of home improvement loans – is channeled to these loan customers through local partner lending institutions. Supporting the EFSE’s investment activities is the EFSE Development Facility, which provides partner lending institutions with technical assistance, consulting and training services to build operational capacities and professional management.
Initiated by KfW Development Bank (KfW) on 15 December 2005 from four multi-donor programs under its management, the EFSE is the first public-private partnership of its kind and the first privately managed fund in development finance to leverage private funding for MSE finance in the target region. Capital is provided by donor agencies, international financial institutions and private institutional investors, including the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Commission (EC), the Government of Albania, Small and Medium Business Credit Support CJSC (SMBCS), a subsidiary of the Central Bank of Armenia, the Development Bank of Austria (Oesterreichische Entwicklungsbank – OeEB), the Swiss Agency for Development and Cooperation (SDC), the Danish International Development Agency (Danida), KfW as Lead Investor, the International Finance Corporation (IFC), the Netherlands Finance Company (FMO), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), Sal. Oppenheim and Deutsche Bank.
Oppenheim Asset Management Services S.à r.l., Luxembourg acts as the EFSE’s Fund Manager and Finance in Motion GmbH, Germany as Advisor.
For more information about the European Fund for Southeast Europe, please visit www.efse.lu
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About Garanti Leasing
With a tradition of almost 20 years on the Romanian leasing market, Garanti Leasing (the brand under which the company Motoractive IFN SA operates) completes Garanti Group’s range of products and services with offers for vehicles, equipment and real estate leasing, sale & lease-back. The company has disbursed over EUR 900 million for assets under finance leases and entered into over 53,000 lease contracts since its inauguration, currently operating from 6 offices and creating synergies with Garanti Bank’s branches.
Garanti Leasing has been part of the financial group Garanti Romania since 2010. The Group also brings together Garanti Bank and Garanti Consumer Finance (the brand under which Ralfi IFN operates).
Garanti Group is held by Turkiye Garanti Bankasi AS (TGB), Turkey’s second largest private bank. TGB is a universal bank with a leading presence in all business lines. The bank serves more than 14 million customers in corporate, commercial, SME, and consumer segments offering fully integrated financial services. The Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) is the majority shareholder of TGB.
For further details, please visit www.garantileasing.ro
Media contact EFSE
Manager, Marketing & Communications
Tel: +49 (0)69 271 035-171
Media contact Garanti Leasing
Account Coordinator Oxygen
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