MOLDOVAAGROINDBANK: €20 million loan to MAIB for on-lending to small and medium companies

MOLDOVAAGROINDBANK: €20 million loan to MAIB for on-lending to small and medium companies

• 04.08.2009

The EBRD is supporting the real economy sector in Moldova with a credit line for small and medium enterprises (SMEs). Responding to the increased demand for funds in the current tight credit market, the EBRD is providing a €20 million loan to Moldova-Agroindbank, the leading bank in the country, for on-lending to small and medium businesses. As a result of the global credit crisis, lending activities in Moldova have slowed down considerably, limiting SMEs’ access to finance and hindering their growth. The EBRD facility will enable Moldova-Agroindbank to meet the growing demand for medium and long-term funding from local businesses. The proceeds of the EBRD credit line will be used to finance investments and working capital of small and medium-sized companies in Moldova. The EBRD loan will be supported by technical assistance aimed at strengthening Moldova-Agroindbank’s corporate governance. “Supporting small and medium businesses in the current difficult market conditions is one of the key priorities for the EBRD” said Kiyoshi Nishimura, EBRD acting director for financial institutions in West Balkans, Belarus, Moldova and Turkey. “The credit line offered to Moldova-Agroindbank, will increase the availability of the much needed funds for small businesses in Moldova, enabling more entrepreneurs to access bank financing and thus fostering further development of the private sector in Moldova”, added Mr. Nishimura. “A new fresh relationship with the EBRD is one of the most important achievements of MAIB for this year” said Natalia Vrabie, President of MAIB. “Our co-operation is restarted on a new platform and we are determined to build up a successful one based on the fruitful relationship since 1995. Under the current economic conditions, MAIB’s co-operation with the EBRD for financing the SME sector is of a significant importance for us and for the whole Moldovan economy as well”, added Mrs. Vrabie.

MAIB

With its 24-year-long experience, Moldova Agroindbank strongly keeps its leading position on Moldova’s banking market. Moldova Agroindbank is an innovative bank providing hi-tech financial services to all customer segments, individuals and legal entities, operating in most sectors of the national economy. The institution provides the widest range of banking services and products in Moldova.