Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

07 Dec 2004



PSD disclosed:

14 Apr 2004

Project Description

The proposed project is a credit line for up to US$ 5 million in two tranches to MICB to be on-lent by MICB to Small and Medium Sized Enterprises (SMEs) in Moldova. The proceeds of the credit line will be used by MICB to provide medium-term financing to SMEs for production, investment, trade, services and working capital needs. The sub-loans would be denominated in various currencies depending on customer demand.

Transition Impact

Transition impact potential derives from the demonstration effect associated with supporting the growth of SME lending which is still underdeveloped in Moldova. The development of a SME lending market will further build on the successful implementation of the other credit lines granted by the EBRD to some Moldovan banks in Moldova since 1995. It would also contribute to the development of financial markets by providing medium-term financing. Supporting the growth of MICB and the diversification of its funding base will strengthen the banking sector by providing much-needed medium-term financing for SMEs and thus increasing competition.

The Client

MICB is the fourth largest Moldovan bank, with a 10-11% market share of total banking assets at end-2003, total assets of some US$ 81 million, total equity of US$ 14 million and net profit of US$ 3.5 million (MAS, unaudited). Shareholders include 909 individuals and companies, both Moldovan and foreign investors.

EBRD Finance

A loan for up to US$ 5 million extended by the Bank to MICB.

Project Cost

US$ 5 million.

Environmental Impact

MICB will continue to operate in accordance with EBRD's "Environmental Procedures for Local Banks". In implementing these procedures, it will require its borrowers to comply, at a minimum, with national/local health, safety, environmental, and public consultation requirements.

Technical Cooperation


Company Contact

Mr. Victor Cibotaru, President
Moldindconbank SA
Str. Armeneasca nr. 38
MD 2012, Chisinau,
Republic of Moldova
Phone: +373 22 57 67 23
Fax:      +373 22 27 91 95

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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