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.
The restructuring plan laid out by Liberty Galați was validated by the Galați Court on Friday, August 1, after having been approved by 52% of the ailing plant’s creditors last month. The plan, approved by creditors and confirmed by the Galați Court, sets out firm measures to restructure both the company’s operational activity and the […]
Animest, Romania’s leading animation film festival, returns to Bucharest this autumn with a special 20th anniversary edition. Running from October 3 to 12, the festival invites audiences to explore the theme of "the journey” - a metaphor for both its two-decade history and the personal, emotional paths traced through animated storytelling, the organizers said. Last […]
An article delving into the benefits of hydrotherapy, published by the famous US newspaper The New York Times, features a recommendation for six wellness centers, including Romania’s Therme center. According to the article, “studies show that immersion in water, hot or cold, can calm the nervous system, reduce joint pain and inflammation, stimulate circulation, lower […]
Plastic surgeon Tiberiu Paul Neagu, head of the Burns Center at Floreasca Hospital, one of the major hospitals in Bucharest, was dismissed on Monday, August 4, after a patient was transferred to Belgium following multiple multi-resistant hospital-acquired infections. The scandal broke out when a patient with burns over 70% of her body, who had been […]
The Buzău Land/Ținutul Buzăului UNESCO Global Geopark has received high praise from evaluators following a three-day official visit aimed at assessing its progress and determining whether the site will retain its UNESCO geopark status. The visit, conducted in June by Goran Radonic (Croatia) and Iván Cortijo Sánchez (Spain), concluded with positive feedback for the geopark […]
One United Properties (BVB: ONE), a publicly listed developer that has so far been focused on Bucharest, announced the signing of a promissory sale and purchase agreement for land located in a prime central area of Sibiu. The site, located on the former FLARO industrial platform, offers significant potential for urban regeneration, according to company […]
