EU and EBRD back ProCredit Bank in Moldova to boost finance for businesses
The European Bank for Reconstruction and Development (EBRD), in partnership with the European Union, is lending €10 million to ProCredit bank in Moldova, under the EU4Business-EBRD Credit Line, the bank announced yesterday.
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 on their home markets. EU4Business is an umbrella initiative of the European Union that includes all EU support to SMEs in Armenia, Azerbaijan, Georgia, Moldova and Ukraine.
ProCredit Bank, a long-standing client of the EBRD, is one of the EBRD’s most active partner banks under the EU4Business programme in Moldova and has successfully placed a total of €35 million of financing since 2018. The latest €10 million loan will help the bank meet the increased demand of its business clients, ensuring uninterrupted business flow.
The project supports investment financing for micro, small and medium-sized enterprises (MSMEs) in both euros and Moldovan lei 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 loan is expected to finance investments in green technologies.
The loan is complemented by EU grant funding, supporting grant incentives on successful investment projects for ProCredit Bank’s borrowers, as well as project consultant implementation assistance to ProCredit Bank and its clients.
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