Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

15 Dec 1998



PSD disclosed:

20 Nov 1998

Project Description

A senior convertible loan of up to US$ 8 million to Moldova-Agroindbank to support its shareholder restructuring and institutional development.
Project objectives: The operation will enable MAIB to support its shareholder restructuring and will strengthen MAIB's balance sheet. The proceeds of the loan will be used by MAIB to expand its loan portfolio to private sector companies in Moldova, to develop new products in order to become a more competitive financial institution, to achieve integrated computerisation and to support MAIB's institutional development.

Transition Impact

By supporting the restructuring of MAIB, the operation will contribute to the promotion of a sound private banking system in Moldova and will facilitate the financing of private corporate customers.

The Client

MAIB started operations in 1991 following the merger of the Moldovan branches of the Agroprom Bank of the former Soviet Union. Today MAIB is the largest commercial bank in Moldova in terms of both total assets and total equity and is regarded as a well-managed and profitable organisation. MAIB maintains the largest domestic branch network, comprising 46 branches and 116 smaller outlets throughout the country, located in every major industrial and rural population centre.
MAIB has a total market share of approximately 21 per cent of aggregate banking assets. MAIB originally specialised in lending to agro-processing businesses but has now been able to implement a strategy to diversify its lending portfolio and business activities. MAIB now competes with a broad spectrum of Moldovan banks for lending opportunities and deposits.

EBRD Finance

A senior convertible loan of up to US$ 8 million (€ 8.8 million) extended for a period of five years, with an option to convert into ordinary shares of MAIB. A partial conversion was approved and executed on 28 December 2000 by the EBRD and Western NIS Enterprise Fund for a total amount of up to US$ 1.8 million (€ 2.0 million) each.

Project Cost

The total project cost is US$ 8 million (€ 8.8 million).

Environmental Impact

The bank will adopt and implement environmental procedures satisfactory to the EBRD, and all activities will be required to comply with the Bank's FI Environmental Exclusion List. All borrowers will be required to comply, at a minimum, with health, safety and environmental standards and regulations and public information/participation requirements in Moldova. On an annual basis, MAIB will report to the EBRD on environmental issues.

Technical Cooperation

Technical cooperation funding was provided for one year.

Company Contact


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)

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Text of the PIP

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