20 M euros for Moldovan SMEs

The European Bank for Reconstruction and Development (EBRD) will disburse Moldova Agroindbank (MAIB) a 20-million-euro loan, to support small and medium enterprises (SMEs), the EBRD press office says.

The credit line for MAIB will be used to finance investments and capital of Moldovan SMEs. The loan is accompanied by technical assistance from the EBRD to strengthen the corporate governance of MAIB. “Supporting SMEs is a key priority for the EBRD in these hard economic conditions,” said Kiyoshi Nishimura, an EBRD manager for financial institutions from Western Balkans, Belarus, Moldova and Turkey.

“The credit line offered to MAIB will enhance the availability of financial resources, which are so needed by the Moldovan small businesses, and will enable more entrepreneurs to take loans to develop their businesses, what will contribute to strengthening the private sector,” Kiyoshi Nishimura added. Natalia Vrabie, MAIB's president, says resuming the cooperation with the EBRD is one of the biggest achievements of the bank this year. “This deal relaunches our cooperation in a new format and we're determined to build a successful relationship, based on the previous cooperation dating back to 1995,” Vrabie said. Earlier, the EBRD offered MAIB different financial packages, which were fully implemented and returned. MAIB holds about 20% of the bank market in Moldova, servicing over 500,000 clients.

The EBRD has invested over 300 million euros in Moldova through 55 projects dealing with infrastructure and corporate areas, banking and energy. The EBRD's funds attracted additional investments worth 235 million euros into the Moldovan economy.

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