EBRD and EU boost access to finance for Moldovan businesses
Today, the European Bank for Reconstruction and Development (EBRD), in partnership with the European Union, announced the extension of new financial packages worth a total of €22.5 million to three Moldovan banks under the EU4Business-EBRD Credit Line. The proceeds will be lent on to Moldovan companies.
The EBRD signed agreements in Chisinau to lend €10 million to maib, €7.5 million to Victoriabank, and €5 million to Eximbank.
The projects support investment financing for micro, small and medium-sized enterprises (MSMEs) in euros to upgrade their equipment, products and services in line with EU standards, increase competitiveness and grasp international trade opportunities. At least 70 per cent of the loans are expected to finance investments in green technologies.
The loans are complemented by EU grant funding, supporting grant incentives on successful investment projects for the three banks’ borrowers and project consultant implementation assistance to the banks and their clients.
MSMEs are critical for sustainable growth of the Moldovan economy, accounting for more than 98 per cent of all business in Moldova and employing 60 per cent of the country’s workers.
This fresh financing will also contribute to achieving the EU Economic and Investment Plan target to support MSMEs in Moldova.
Through loans and grants, the EU4Business-EBRD Credit Line supports a wide range of projects that increase the competitiveness and capacity of small and medium enterprises (SMEs) from countries such as Moldova, both in the EU and their home markets.
EU4Business is an umbrella initiative of the European Union that includes all EU support to small and medium enterprises in Armenia, Azerbaijan, Georgia, Moldova and Ukraine.
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