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 2.5 million with 4 years maturity including 1 year grace period; for on-lending to eligible small and medium-sized enterprises (SMEs).
DCFTA Blended Finance Programme (DCFTA Programme) was developed by the EBRD for Georgia, Moldova and Ukraine, which signed an Association Agreement with the EU. The proposed project will enable Moldova-Agroindbank (MAIB) to continue extending loans for investment purposes by local SMEs in upgrade of technology and equipment necessary to meet EU standards in terms of product quality, health and safety measures and environmental preservation.
ETI score: 80
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.
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
Total Project Cost
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 micro, small and medium-sized (MSMEs) 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 the 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 (E&S) eligibility criteria for renewable energy projects, as applicable, as per the Policy Statement.
Technical Cooperation and Grant Financing
TC: EUR 7 million (under Phase 2 - for Georgia, Moldova and Ukraine) 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 0.362 mln to finance investment incentives to sub-borrowers.
TC/Non-TC source: EU NIF
PSD last updated
03 Nov 2020
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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
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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.
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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 email@example.com to get guidance and more information on IPAM and how to submit a request.