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- EBRD Vice President, Banking, and new Managing Director for Moldova visit Chisinau
- EBRD officials meet Moldova’s Prime Minister Dorin Recean, members of government and National Bank Governor Anca Dragu
- Agreements signed on railway and solid waste investments in Moldova
Two senior EBRD officials visited Moldova on Thursday/Friday, meeting counterparts from the Moldovan authorities and signing agreements on railway and solid waste investments in Moldova.
In Chisinau, the EBRD’s Vice President, Banking, Matteo Patrone, and the Bank’s new Managing Director for Ukraine and Moldova, Arvid Tuerkner, held talks with Prime Minister Dorin Recean and senior members of his cabinet, as well as the Governor of the National Bank of Moldova, Anca Dragu.
During a meeting with Minister of Finance Petru Rotaru, Mr Patrone and Mr Tuerkner signed an agreement to commit the third and final tranche of funding for Moldova’s solid waste project.
The €10.32 million tranche, which will finance investments in Waste Management Zone 1 in the South of the country, is part of a €25 million loan to Moldova, agreed in 2023, to finance critical improvements in its solid waste management system in three regions. The EBRD’s sovereign loan is co-financed by a €25 million loan from the European Investment Bank as well as investment grants of ca. EUR 15.34 million from the multi-donor fund E5P.
The EBRD also signed an agreement with Mr Andrei Spinu, the Minister of Infrastructure and Regional Development to increase a 2023 loan of €23 million supporting the rehabilitation of the country’s North-South Rail Corridor by a further €18 million covering design, works, supervision and implementation costs.
The railway rehabilitation finance supports the Moldovan government’s efforts to improve the railway network and to ensure the railway infrastructure is maintained to acceptable standards to facilitate economic growth and regional integration. It is part of the European Union-Ukraine Solidarity Lanes, which aims to provide an alternative to sea routes for Ukraine’s imports and exports to Europe.
The project will increase food security by making it easier for Ukrainian goods to reach the largest operable port on the Black Sea, Constanta, as well as ports in Romania, Moldova and Ukraine, at Galati, Reni, Ismail and Giurgiulesti. These have a cumulative operating capacity that can absorb a significant part of Ukraine’s export needs.
The EBRD has stood firmly by Ukraine and neighbouring countries since Russia invaded Ukraine in 2022, significantly raising its investments in countries affected by the war. As Moldova’s biggest institutional investor, the EBRD has invested more than €2.4 billion in 176 projects in the country to date.