European Bank issued the following announcement.

New financing via Garanti Leasing BBVA will help businesses stay open and overcome the impact of Covid-19 pandemic

• New EBRD credit line of €5 million to Garanti BBVA Leasing
• Access to finance for companies to overcome economic slowdown
• Support for businesses facing impact of coronavirus pandemic

The European Bank for Reconstruction and Development is extending a €5 million loan to Romania’s Garanti BBVA Leasing to increase access to financing for local micro, small and medium-sized enterprises (MSMEs).

The loan is aimed at sustaining the Romanian MSME sector, which has been materially affected by the coronavirus pandemic and is currently recovering lost ground.

Garanti BBVA Leasing is part of the financial group Garanti BBVA Romania and provides a wide range of leasing products and services:

offers for vehicles, equipment, real estate leasing, and sales and lease-back. The new loan is the third agreement signed by Garanti BBVA Leasing Romania and the EBRD.

“We are pleased to continue our partnership with Garanti BBVA Leasing. This facility will provide lease financing to small businesses in Romania which are the backbone of the economy. We are particularly pleased to launch this project during the Covid-19 pandemic as we believe the financing for SMEs will contribute to a sustainable economic recovery,” said Mark Davis, EBRD Regional Director for Romania and Bulgaria.

“Entrepreneurship is an important engine that has historically boosted the development of the economy in Romania. It is the core of the local business environment and we are active supporters of this sector. We aim to be the financial partner that our clients can rely on, especially during these uncertain times, when a boost of confidence is needed to drive both morale and the economy upwards,” added Okan Yurtsever, General Manager, Garanti BBVA Leasing.

The EBRD is a major international institutional investor in Romania and a major supporter of the development of MSMEs. To date, the Bank has invested €8.8 billion in the country’s economy through 454 projects.

Original source can be found here.