Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

27 Oct 2020



PSD disclosed:

03 Nov 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

This project was approved in the context of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19 and this deviation can be found on our website.

A senior unsecured loan up to EUR 15 million with 4 years maturity including 1 year grace period; for on-lending to eligible SMEs. The loan will be available in 3 tranches of EUR 5 mln each.

Project Objectives

SME Competitiveness Programme in Eastern Partnership, is a follow-on facility of the existing FI DCFTA Blended Finance Programme (DCFTA), designed for Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine to support upgrades in micro, small and medium-sized enterprises (MSME) to EU standards applicable under the DCFTA in environmental protection, health and safety and product quality/safety. The proposed project will enable Moldova-Agroindbank (MAIB) to extend loans for investment purposes by local small and medium-sized enterprises (SMEs) in upgrade of technology and equipment necessary to meet EU standards in terms of product quality, health and safety measures and environmental preservation. 

Transition Impact

ETI score: 75

Competitive: MAIB will further expand its SME portfolio with a focus on financing DCFTA priority investments leading to compliance with EU Directives, facilitating Moldovan SMEs increased competitiveness.

Resilient: MAIB will be expected to maintain adequate portfolio quality.

Client Information


CB "Moldova-Agroindbank" SA (MAIB), the largest systemic bank in Moldova with total assets of €1.4 bn, total equity of €244 mln, loan portfolio of  €732 mln as of 31 August 2020, and market share of 28%. The EBRD jointly with consortium of investors (Horizon and Invalda) acquired 41.09% stake in MAIB on 2 October 2018.  Other minority shareholders include management, staff and local companies.

EBRD Finance Summary

EUR 15,000,000.00

Total Project Cost

EUR 15,000,000.00


Terms: long-term funding for channelling to the real economy and in particular for SMEs.

Attributes: targeted credit lines with a combination of investment incentives and tailored technical assistance to the Partner Financial Institutions (PFIs) and MSME sub-borrowers.

Environmental and Social Summary

Categorised FI (ESP 2019). MAIB is an existing client of the Bank. MAIB will need to ensure ongoing compliance with Performance Requirements 2, 4 and 9 and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their climate change mitigation and climate change adaptation benefits. Beneficiaries financed in Moldova will be required to comply with national requirements for environment, health and safety and labour standards and the environmental and social eligibility criteria for renewable energy projects, as applicable, as per the Policy Statement.


Technical Cooperation and Grant Financing

TC: EUR 15.3 million (for 6 EaP countries) to finance:

-      a project consultant assisting PFIs and sub-borrowers with the implementation, marketing and monitoring of the programme; and

-      a verification consultant verifying the technical implementation of the investments by sub-borrowers before the incentive payment is released.

Non-TC: up to EUR 2.25 mln to finance investment incentives to MAIB sub-borrowers

TC and non-TC source:  EU NIF

PSD last updated

03 Nov 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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