The EBRD is expanding much-needed access to finance for Moldovan companies with the provision of a US$ 4 million loan to Express Leasing, a microfinance and leasing firm focused on lending to small businesses across the country.
US$ 1 million of the total is being provided by the TaiwanICDF, which is in charge of Taipei China’s overseas development programme. It is the first EBRD co-financing with the TaiwanICDF in Moldova and part of the Bank’s efforts to attract new institutional investors to the country.
The funds will support the growth and development of local businesses, helping to make Moldova’s economy more resilient, more competitive and more dynamic.
Dimitri Gvindadze, Head of the EBRD office in Chisinau, said: “We welcome Express Leasing as it joins the EBRD in helping to channel more funds to small and micro businesses.”
Express Leasing is one of Moldova’s largest non-bank financial institutions. With nine branches throughout the country, it lends to micro-enterprises in a variety of industries, including businesses in rural areas. The company was acquired in 2009 by NCH Group, a US-based investor in private equity, real estate and agribusiness.
Sergiu Rosca, General Director of Express Leasing, said: “The EBRD loan is a significant contribution to the company's strategic plans in expanding its market share and strengthening its leading position in the small and medium-sized enterprise sector. We are glad to announce to our customers that new funding possibilities are available to support the growth of their businesses."
The promotion of good governance and transparency in the financial and banking sector is the overarching priority for the EBRD’s work in Moldova, where entries by reputable international investors could help to enhance access to finance, foster growth and create jobs.
The EBRD is the largest institutional investor in Moldova. Since the start of its operations in the country, the Bank has invested over €1.1 billion in more than 110 projects in Moldova’s financial, agribusiness, energy, infrastructure and manufacturing sectors.