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EBRD and Mobiasbanca support Moldovan SMEs
$2 million to help local entrepreneurs develop their businesses
The EBRD is lending Mobiasbanca SA, the sixth-largest private bank in Moldova,
$2 million to help boost the growth of private small and medium-sized
enterprises across the country.
Mobiasbanca SA will use the five-year loan to on-lend long-term financing of
up to $250,000 to entrepreneurs wishing to expand their businesses, or to help
support exports of their goods.
Speaking at the signing in Chisinau, Alex Tanase, Senior Banker at the
EBRD, said the loan is important for Moldova’s growing SME sector. Demand for
medium to long-term financing from local companies in Moldova is increasing,
but lending by local banks is currently restricted to short tenors. This loan
will help Mobiasbanca overcome that hurdle by providing long-term financing to
its clients.
With foreign investment limited in Moldova, one of the key instruments for
promoting economic growth is a strong SME sector. Mr Tanase added that this
loan will help Mobiasbanca reach out to more and more entrepreneurs wishing to
develop their businesses, helping both the local economy and job creation.
The loan builds on earlier cooperation between the EBRD and Mobiasbanca. The
Bank previously provided Mobiasbanca $5 million under the EBRD’s micro-lending
and trade facilitation programmes, which support the development of the
Moldovan private sector and trade to, from and within the EBRD’s countries of
operations. The new project is also in line with the EBRD’s latest strategy
for Moldova, approved last year, to provide more credit lines to help micro
and small businesses.
Established in 1990, Mobiasbanca is a local private bank which is majority
owned by foreign investor and specialises in supporting SMEs.
The development of the Moldovan SME sector is at the core of Mobiasbanca’s
strategy and activities, said Nicolae Dorin, President of Mobiasbanca.
Mobiasbanca is very committed to this sector and the cooperation with the EBRD
is valued as a key asset, Mr Dorin said
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