Garanti BBVA Consumer Finance receives 10 million Euro loan from IFC for green financing
Garanti BBVA Consumer Finance, part of Garanti BBVA Group Romania, has signed a loan agreement of 10 million Euro with the International Finance Corporation (IFC), aiming to help Romanians reduce their homes’ carbon footprints.
Through the new agreement, Garanti BBVA Consumer Finance has become the first non-banking financial institution (NBFI) active in this segment in Romania to receive funding for green financing from IFC, a member of the World Bank Group.
The 10 million Euro loan will allow Garanti BBVA Consumer Finance to provide advantageous financing to individuals who choose to invest in products that contribute to the protection of environment, respectively a wide range of energy efficient A+++ energy class domestic appliances, and energy-efficient improvements for their houses and apartments, such as envelope insulation, energy efficient windows and roof-top solar photovoltaics (PV) panels. Moreover, money can also be used to buy electric and hybrid vehicles, e-scooters, or e-bicycles.
“Climate change is a serious challenge to human existence and nature, and we cannot stand aside. The agreement with our long-term partner, IFC, will help us grow our green loan portfolio, thus supporting more Romanians and country`s climate goals,” stated Tolga Banyocu, General Manager at Garanti BBVA Consumer Finance. “We are convinced that every input, no matter how minor, is essential for our future and the next generations.”
Garanti BBVA Group has had a long-term partnership with IFC and has received over the years several loans from the financial institution. Yet, this is the first time the money is aimed at financing individuals planning sustainable acquisitions and thus contributing to protecting the environment.
”IFC is committed to helping Romania accelerate its green transition and this operation will help promote consumer finance as part of the available tools for climate financing,” said Vittorio Di Bello, IFC’s Regional Head of Industry for Financial Institutions in Europe.