Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. IFC Partners with Raiffeisen Bank to boost sustainable...

IFC Partners with Raiffeisen Bank to boost sustainable growth in Romania

December 3, 2023

To help diversify financial products for green and inclusive finance in Romania, IFC has invested €50.8 million in a bond issued by Raiffeisen Bank S.A. (RBRO), a member of the Raiffeisen banking group—the bank’s first EUR-denominated international bond issuance under its sustainability bond framework.   The proceeds from the bond will be used to finance climate projects, including loans and credit lines for green mortgages, energy efficiency, renewable energy, sustainable agri-finance, and clean transport; as well as social activities, such as healthcare, education, basic infrastructure, affordable housing, and employment generation. “We greatly appreciate the trust granted by both foreign and local institutional investors through their participation in our inaugural Eurobond issuance. The interest shown by the capital market reaffirms, once again, that our banking model is a responsible one, characterized by strong financial standing and an ongoing commitment to incorporate the perspectives of all relevant stakeholders,” said Alina Rus, RBRO`s CFO. “Furthermore, we are delighted of the long-term partnership with IFC and its strong support for our commitment to fostering a sustainable and inclusive development of the Romanian economy.”   The bond is also expected to qualify for the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) imposed under the European Union’s Banking Recovery and Resolution Directive. The regulatory requirement ensures that banks have sufficient capacity to absorb losses and avoid taxpayer-funded bailouts. “In the years to come Romania’s economy has the potential to continue converging towards EU standard of living, and to also eliminate remaining social and territorial inequalities. This will require increased access to financing,” said Ary Naïm, IFC Manager for Central and South Europe. “With this operation IFC aims to continue fostering a resilient banking sector and local capital market, committed to both sustainability and inclusion.”   The financing builds on IFC’s longstanding relationship with RBRO and the Raiffeisen banking group. Previous projects include multiple investments in the bank’s bonds issuance whereby the use of proceeds was to fund green and social projects in Romania. IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.    

Read in full - click here
French jazz trio Nout performs in Bucharest, Cluj

Nout, the French jazz trio composed of Delphine Joussein (flute and pedal loops), Rafaëlle Rinaudo (electric harp), and Blanche Lafuente (drums), will deliver two concerts in Romania this week, ending the 2023 season of Jazz Fan Rising. The concert in Bucharest takes place at the French Institute on December 5, while the Cluj-Napoca one on […]

Dreamstime stock photo community launches Wallpaper App

Dreamstime, the world's largest stock photo community, recently launched its newest app, Dreamstime Wallpapers, a fantastic collection of wallpapers featuring handpicked and customized premium stock images to enliven mobile screens. The app is now available for Android and will soon launch for IOS. The Dreamstime Wallpapers...

Bucharest’s Art Safari holds Christmas edition in December

Art Safari brings the festive season joy to the Dacia-România Palace in downtown Bucharest during its Christmas edition this month. Organised in partnership with the Romanian Cultural Institute, the event awaits visitors from December 6 to 22 with a program of exhibitions, puppet and theatre shows, carol concerts, and creative workshops for children. A highlight […]

The Nutcracker and I: Pianist Alexandra Dariescu brings multimedia performance of Tchaikovsky's piece to Bucharest

The Nutcracker and I, a multimedia performance for piano solo created by pianist Alexandra Dariescu, is performed in Bucharest on December 19. Dariescu created and produced the show, described as The Nutcracker for the 21st century, "out of a personal responsibility to reach out to younger audiences and build bridges for those perhaps new to classical […]

Diviodent brings PROMIS to Romania, the only range of oral hygiene products with natural ingredients and 100% biodegradable packaging

Diviodent, one of the leading suppliers of professional solutions for dental offices and dental care in Romania, announces an exclusive partnership with Promis, a recently launched Italian brand of oral hygiene products. Diviodent expands its portfolio with a unique range of oral hygiene products containing 99% natural, vegan ingredients, organic essential oils, and 100% recyclable […]

Three Romanian athletes with disabilities climb Mount Kilimanjaro on National Day

Răzvan Nedu, Adriana Tofan, and Liviu Matei, three Romanian athletes with disabilities, reached the peak of Mount Kilimanjaro (5,895 m) on December 1 - Romania's National Day. The performance athletes, two with severe visual impairments and one with a physical disability, have thus shown that nothing is impossible when you train seriously and believe in […]