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Entrepreneurs in Moldova gain access to more finance
$4 million loan helps support country’s banking sector
Entrepreneurs in Moldova will gain more access to finance to create and expand their businesses following a $4 million loan from the EBRD to Victoriabank, the second largest bank in the country.
The loan, the EBRD’s third to Victoriabank, will help meet Moldovan private businesses’ increasing demand for medium- to long-term financing. It also demonstrates the Bank’s continuous support for the Moldovan banking and enterprise sector in line with its latest strategy for Moldova, issued on www.ebrd.com earlier this year.
George Krivicky, the EBRD’s Director for Moldova, said the Bank will aim to play a stronger role in encouraging private sector development in Moldova, and Victoriabank is a good partner for helping develop small and medium-sized enterprises across the country.
The EBRD and Victoriabank began cooperating in 1995, when the EBRD acquired a 15 per cent stake in the bank. Subsequently the EBRD has provided two credit lines, each worth $4 million, and two capital increases. Victoriabank also participates in the EBRD’s micro-lending programme, and since 1999 has become one of the country’s most active participants in the EBRD’s Trade Facilitation Programme, an innovative facility to help east European entrepreneurs expand their import and export trade.
Victor Turcanu, President of Victoriabank, said the latest loan is an important step forward in terms of the bank’s cooperation with the EBRD and recognition of Victoriabank’s commitment and contribution to the development of Moldova’s private sector. He added: “Eight years of close partnership with the EBRD has helped us to grow institutionally and professionally to serve our clients, and we look forward to a continued strong relationship with the EBRD.”
The EBRD is the largest investor in Moldova with 28 signed projects worth €175 million
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