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Add to Preferred SourcesThe EBRD and the European Union (EU) provide €10 million in new financing for Moldova-Agroindbank (MAIB) and Victoriabank, following steps by Moldova’s key lenders to achieve transparency of ownership and to restore corporate governance.
The loans worth €5 million each are provided through the EU4Business-EBRD credit line and are accompanied by EU grant-based funding which is part of the EU4Business initiative.
The funds are available for investments to improve both production processes and product quality of Moldovan businesses and to strengthen their potential to succeed on the EU market. Exporters can use the funds to make investments that aim to achieve EU standards in the areas of environmental protection, health and safety and product quality and safety.
The Association Agreement between Moldova and the EU provides Moldovan businesses with easy access to the EU’s single market.
With financing from the EU4Business-EBRD credit line, which is also available in Moldova, Georgia and Ukraine, the EBRD and the EU are supporting efforts by companies to become more competitive and to trade more successfully on the EU market.
With today’s financing, the programme in Moldova has provided a total of €55 million in loans to five partner banks and €8.25 million in EU grants which help expand the range of financing opportunities for local companies.
Peter Michalko, Ambassador of the European Union to the Republic of Moldova, mentioned: “I would like to highlight EU’s commitment to support the SMEs, as a key element for inclusive economic development. This objective is also highlighted in the Eastern Partnership 20 deliverables for 2020, a stronger economy brings improved living conditions for the citizens of the Republic of Moldova.”
The EBRD is the largest institutional investor in Moldova. Since the start of its operations in the country, the Bank has invested to €1.2 billion in more than 125 projects in Moldova’s financial, agribusiness, energy, infrastructure and manufacturing sectors.
Original source: EBRD
Published on 17 April 2019