EBRD President to visit Moldova to reaffirm support for its EU-oriented economic reform agenda

• EBRD President visits Moldova to support its economic reform agenda and EU accession drive 
• Meetings with President Maia Sandu and Prime Minister Alexandru Munteanu planned 
• New investments to be signed to boost economy 

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, will visit Moldova later this week to express strong support for the country’s economic reforms agenda, in the context of Moldova’s renewed push towards European Union accession. Moldova has been an EU candidate member since 2023.

During her visit on Thursday and Friday, the EBRD President will meet President Maia Sandu, Prime Minister Alexandru Munteanu and other senior government officials as well as business partners, diplomats and civil society representatives, to reaffirm the Bank’s commitment to Moldova’s economic reform agenda.

“Moldova faces a once-in-a-generation opportunity: the prospect of EU membership. This political aspiration also constitutes a strong driver for economic reforms and growth, which are in the country’s fundamental interest,” said President Renaud-Basso. “The EBRD is determined to play a role in supporting the country on this path, in particular by fostering investments and providing assistance to economic reforms.”

The EBRD is Moldova’s biggest institutional investor. Since the start of Russia’s full-scale invasion on neighbouring Ukraine, the Bank has provided €1.7 billion to help Moldova mitigate the economic consequences of the war on the country’s economy. Overall, the Bank has invested almost €2.9 billion in 193 projects to date, with 40 per cent of its portfolio in sustainable infrastructure.

Since 2022, the EBRD has increased its lending for infrastructure projects focussing on boosting the regional connectivity of Moldova by investing in improving road and rail links. By the end of this year, the Bank expects to sign a further €150 million for two key road projects, following a €150 million finance package in 2024 as well as €40 million of additional finance for an earlier roads project that was agreed in June.

EBRD work on the energy sector has been instrumental in diversifying Moldova’s supply sources from dependence on Russia in wartime. A €400 million loan this year is the latest in a series of loans supporting Moldova to buy gas and electricity from European Union traders.

The Bank is also helping Moldova move towards a more sustainable renewables-led energy mix long-term, including by providing technical support for the country’s first renewable energy auction this year and working on projects to provide efficient heat supply or greater energy efficiency in the capital, Chisinau, and Moldova’s second city, Balti.

The EBRD sees such projects as a way of achieving economic growth – an ambition embraced by the new government and supported by the EU’s €1.9 billion Growth Plan facility – and is also working to translate this growth into a boost for the real economy by supporting the development of local businesses, especially in agriculture.

Around 98 per cent of the Moldovan economy is made up of micro-, small- and medium-sized enterprises (MSMEs). The EBRD provides significant access to capital through Moldovan banks for their development and to foster innovation and competitiveness in the private sector. New agreements supporting MSME end-users will be signed during the EBRD President’s visit to expand access to finance for businesses and individuals.

President Renaud-Basso’s itinerary will also include a trip to Balti, where she will review the outcomes of EBRD-financed investments aimed at improving district heating for around 70 per cent of the northern city’s residents, which support the Bank’s green agenda.

The Balti District Heating Project is a key step towards improving energy efficiency and reducing emissions in Moldova’s second-largest city. Beginning in 2014 with a €10 million investment to modernise parts of the system, a second €17 million project began in 2021 offering further upgrades including a transition to apartment-level billing.