IFC Helps Small Businesses in Romania with New Microfinance Bank
Afshin Molavi
Phone: (202) 458-5674
Fax: (202) 974-4384
E-mail: amolavi@ifc.org
Washington D.C., April 25, 2002—The
International Finance Corporation, the private sector development arm of
the World Bank Group, has invested US$2.025 million to help establish Microfinance
Bank MIRO S.A., a bank that will provide credit and other financial services
to micro-and small-sized enterprises in Romania.
The IFC investment comprises a share purchase of $2.025 million in MIRO,
amounting to 22.5 percent of the bank’s shareholding. The Bank’s
paid-in capital will be $9.0 million equivalent, which includes IFC’s
share purchase and investments by IFC’s partners: the European Bank for
Reconstruction and Development (EBRD), Deutsche Entwicklungsgesellschaft
(DEG), Commerzbank AG, and Internationale Micro Investitionen AG (IMI).
“IFC is committed to supporting and strengthening Romania’s financial
sector to enable it to provide much-needed financing to promote the development
and growth of entrepreneurs in the micro and small business sectors,”
said Mr. Khosrow Zamani, Director of IFC’s Southern Europe and Central
Asia Department. “We are very pleased to further develop our strong
relationships with EBRD, DEG, Commerzbank and IMI,” he added.
IFC's mission is to promote sustainable private sector investment in developing
countries, helping to reduce poverty and improve people’s lives. IFC
finances private sector investments in the developing world, mobilizes
capital in the international financial markets, and provides technical
assistance and advice to governments and businesses. Since its founding
in 1956, IFC has committed more than $31 billion of its own funds and arranged
$20 billion in syndications for 2,636 companies in 140 developing countries.
IFC's committed portfolio at the end of FY01 was $14.3 billion.
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