MSMEs in Moldova receive EU-backed funding boost
The European Investment Bank (EIB Global) has announced the signature of two agreements with Moldova’s largest bank ‘maib’ at the EU-Moldova Private Sector Investment Conference in Chișinău: a €50 million loan and a risk sharing instrument, backed by the European Union, unlocking an additional €44 million portfolio of loans to micro, small and medium enterprises (MSMEs).
The EIB’s €50 million loan to maib is set to improve access to finance and boost green investments. At least 10% of the loan will be dedicated to green projects, thus contributing to climate action and environmental sustainability. Moldovan MSMEs and mid-caps will receive loans at attractive terms, such as long tenors, advantageous interest rates and the option for denomination in both foreign currencies and Moldovan Leu.
EIB Global also makes available a partial portfolio guarantee, backed by the EU’s European Fund for Sustainable Development (EFSD), that will enable maib to extend an additional €44 million to MSMEs.
“This financial package will bolster local entrepreneurship, foster job creation and strengthen the resilience of Moldovan businesses, which is even more important now against the background of the war in Ukraine,” said EIB Vice-President Teresa Czerwińska, responsible for the EIB’s activities in Moldova. “MSMEs are the backbone of Moldova’s economy representing 60% of employment in the private sector. Strengthening and diversification of the Moldovan economy have become more urgent as the country advances towards EU membership.”
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