EIB lends 22 million Euro to Garanti Bank to support Romanian women entrepreneurs

The European Investment Bank (EIB) is lending 22.3 million Euro to Garanti Bank Romania to support businesses in Romania. Five million Euro of the loan amount is devoted to female entrepreneurs, matched by another five million Euro from Garanti Bank.

This loan tranche will give female entrepreneurs representing small and medium-sized enterprises (SMEs) and mid-caps access to more favourable financing.

To be able to access these loans, companies have to be more than 50% owned by one or more women, or 26% to 50% of the shares have to be owned by one or more women, with a woman acting as the company’s chief executive, operating or financial officer.

“Entrepreneurship is an important engine that has contributed to the development of the economy in Romania. Garanti Bank is an active supporter of entrepreneurs in general, and of women entrepreneurs in particular,” said Ufuk Tandogan, CEO Garanti Bank. “This new partnership with EIB encompasses continued assistance for women economic empowerment in Romania. We are glad to sign this new agreement and reinforce our long-term commitment to the Romanian business community”.