The European Bank for Reconstruction and Development (EBRD) invested a record €525 million in 14 projects in Moldova in 2022, providing crucial support to the country during a difficult year caused by Russia’s war on Ukraine.
The Bank reported that its annual investment increased five-fold from its 2021 figures when it stood at €106 million, as Moldova struggled with high inflation and a global energy crisis caused by the fallout of the war, as well as an influx of refugees from neighbouring Ukraine.
Moldova is highly dependent on imported natural gas from Russia via Ukraine, and the EBRD lent the government €300 million to diversify its gas supplies away from Russian sources and procure supplies from European hubs. All of the €300 million has since been disbursed, ensuring a stable energy supply for millions of people.
In infrastructure, the Bank lent €100 million to further finance the rehabilitation of roads near its border with Ukraine, supporting regional integration and continued trade flows between Moldova, its traditional markets and the European Union.
The EBRD also significantly stepped up its activities in the banking sector. Its investment in financial institutions (FIs) more than doubled to €80 million in 2022, as the Bank extended new credit lines to three banks for on-lending to small and medium-sized enterprises (SMEs).
“We have not only invested a record volume that provided a lifeline to the Moldovan economy, but also disbursed funds at a record rate, ensuring that our money went to the real economy and benefited regular Moldovans, who have been so significantly impacted by the war on Ukraine,” said the Bank’s Head of Moldova, Angela Sax. “I am proud of our commitment and determination to support Moldova’s economy, while also supporting reforms in critical sectors.”
To date, the EBRD has invested more than €2 billion through 159 projects in Moldova.
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