The European Bank for Reconstruction and Development (EBRD) is stepping up support for micro, small and medium-sized enterprises (MSMEs) in Moldova.
A new €5 million EBRD loan for Victoriabank, the third largest commercial bank in Moldova, was signed today by EBRD President Odile Renaud-Basso and Victoriabank’s CEO, Levon Khanikyan, in the presence of the EU Ambassador to the Republic of Moldova, Jānis Mažeiks. The loan will help Moldovan firms across the country become more competitive locally and internationally.
The support is part of a joint programme – the EU4Business-EBRD credit line – for which. the EBRD provides finance to MSMEs through partner financial institutions, while the EU complements the offer with incentive grants under the EU4Business initiative.
Borrowers will be able to invest in modern equipment and production upgrades, enhance product quality, health and safety measures, and, especially, advance environmental practices and resource efficiency since at least 70 per cent of the loan is expected to fund green technologies.
The loan is complemented by EU grant funding, providing incentive payments to successful investment projects of Victoriabank’s borrowers, as well as a project consultant’s implementation assistance to Victoriabank and its clients.
Moldova was granted candidate status to join the EU in June 2022. This fresh financing will contribute to achieving the EU Economic and Investment Plan target to support MSMEs in Moldova.
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