BRD Groupe Societe Generale and IFC, a member of the World Bank Group, have closed a landmark synthetic significant risk transfer (SRT) transaction that will free up capital for BRD to boost the financing of impactful sustainability-related projects in Romania. Under the transaction, IFC will provide a risk guarantee on an up to €700 million BRD portfolio of small and medium enterprise (SME) and corporate loans. Capital freed up by the SRT will enable the bank to lend up to €315 million to fund climate-related initiatives and women-owned smaller businesses. SRTs are a widely used capital management tool for banks. IFC has played a key role in their introduction in emerging markets, including Central and Eastern Europe. Capital resources freed up by such transactions can be reallocated toward financing projects with strong developmental impact. “BRD is committed to building a sustainable economy in Romania and environmental, social and governance commitments are at the heart of our strategy. We have demonstrated this in recent years by delivering growing momentum in positive impact finance. We are delighted to partner with IFC on this new agreement, which will enable us to accelerate our expansion in this important area,” said Maria Rousseva, Chief Executive Officer of BRD Groupe Societe Generale. This transaction is part of the agreement signed in early 2024 between Societe Generale group and IFC to strengthen collaboration between the two institutions to accelerate their support for sustainable finance projects. While Societe Generale group is already a user of SRTs redeploying capital to sustainability-related lending, this is a first time that BRD resorts to such an instrument. Makhtar Diop, IFC’s Managing Director, said: “This transaction marks an important milestone in our longstanding partnership with Societe Generale, showcasing our shared commitment to developing innovative financing solutions. With this SRT—a first for both IFC and BRD in Romania—we are investing in the country’s future to accelerate sustainable and inclusive economic growth.” The SRT is one of two key IFC deals aimed at catalyzing Romania’s green transition, boosting financial inclusion, and driving sustainable growth, announced during Diop’s first visit to the country this week. BRD has a successful track record in sustainable finance, including investing more than €800 million in sustainable financing over the last three years, and organizing two climate change summits in Romania.
On Monday, January 13, officials at the Cantacuzino Hospital in Bucharest alerted police that a man stole three amputated legs from the storage area. While two were later found, the third is still missing. The incident took place three days prior, on January 10, and was captured by surveillance cameras. Images published by Euronews Romania […]
The General Prosecutor's Office announced on Wednesday, January 15, that criminal prosecution has been initiated again against former president Ion Iliescu and ex-prime minister Petre Roman in the case targeting the violent crackdown of the protests in Bucharest's University Square on June 13-15, 1990, also known as the Mineriada (miners' riot). The two are facing […]
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Roborock, a global leader in intelligent cleaning solutions, announces the launch of its latest innovation, the Roborock Qrevo Curv, a state-of-the-art robot vacuum and mop designed to redefine home cleaning. This revolutionary product combines cutting-edge technology with an innovative cleaning system to offer an unparalleled cleaning experience for consumers. "Roborock Qrevo Curv represents a new […]
Bucharest mayor Nicușor Dan announced that his administration will draw inspiration from the Icelandic model to combat and prevent drug use among young people. The mayor also stated that building a medical facility dedicated to those struggling with addiction is being considered, using spaces belonging to Colentina or Obregia hospitals. “As Bucharest residents decided through a […]
A young deer trapped in the icy waters of a pond near Fălticeni, Suceava county, was recently saved by a team of firefighters. According to the Emergency Situations Inspectorate, which shared a short video of the rescue mission, the fawn had attempted to cross the frozen pond, but the thin ice cracked beneath its weight, […]
