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    Signature(s)

    Amount
    € 50,000,000
    Countries
    Sector(s)
    Moldova : € 50,000,000
    Credit lines : € 50,000,000
    Signature date(s)
    22/12/2023 : € 50,000,000
    Link to source

    Summary sheet

    Release date
    5 March 2024
    Status
    Reference
    Signed | 22/12/2023
    20230544
    Project name
    Promoter - financial intermediary
    MOLDOVA SME RESILIENCE FACILITY - MAIB
    BC MOLDOVA AGROINDBANK SA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 50 million
    not applicable
    Location
    Sector(s)
    Description
    Objectives

    The facility will provide long-term finance for small and medium sized enterprises (SMEs) and mid-caps in Moldova.

    The aim is to improve access to finance and financial inclusion to SMEs and mid-caps, which are key factors to reinforce economic resilience in the country.

    Additionality and Impact

    The proposed loan to BC Moldova Agroindbank SA (MAIB) is the first sub-operation under the lending envelope Moldova SME Resilience Facility. The lending envelope aims to finance the activities of micro small and medium enterprises (MSMEs) and Mid-Caps in Moldova, with the goal of contributing to economic resilience, capital investment, employment generation, and alleviating the consequences of the war in neighbouring Ukraine. MSMEs account by far for most of the firms in the country, but their value addition and employment capacity are constrained, among other factors, by limited access to financial resources. In fact, the provision of adequate financing to MSMEs and Mid-Caps is hindered by market failures, namely externalities and information asymmetries. To address these shortfalls, the proposed operation will enhance access to finance for MSMEs and Mid-Caps, in that it will enable the selected financial intermediaries to make funding available at attractive terms and conditions, such as long tenors, flexible disbursements and local currency, which are scarce in the market. The financial intermediaries will also benefit from the signalling effect of partnering with the EIB, which would help them to attract interest by other DFIs and further diversify the sources of funding.  

    The operation is consistent with EU external policy objectives (in particular the overarching priority to foster jobs and sustainable and inclusive growth), country development objectives and will contribute to a number of Sustainable Development Goals (SDGs), most notably SDG8 (Decent Work and Economic Growth) and SDG10 (Reduced Inequalities). 

    Environmental aspects
    Procurement

    The intermediary institution has to take all the requisite measures to ensure that the procedures carried out by the final beneficiaries for the sub-projects will comply with national legislation and the ElB's Environmental and Social Standards as well as international treaties and conventions signed and ratified by or otherwise applicable and binding in the country.

    The intermediary institution has to take all requisite measures to ensure that any procurement procedures carried out by final beneficiaries for the sub-projects are in accordance with the EIB's Guide to Procurement and the applicable EU public procurement rules.

    Milestone
    Under appraisal
    Approved
    Signed
    15 November 2023
    22 December 2023
    Related projects
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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