The EBRD in Moldova

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The EBRD has been investing in Moldova since 1992

In Moldova, we focus on creating an environment that supports private-sector activity, promoting European standards across sectors, fostering regional integration to bring domestic producers closer to their markets, and developing efficient and sustainable public utilities which have a direct impact on people’s lives.

A Moldovan success story: how EBRD investment is helping nearly 40,000 residents in Balti benefit from a more efficient distribution network, consumption-based billing and affordable hot water supply.

183

Number of projects to date

€2,604m

Cumulative EBRD investment

€1,849m

Cumulative disbursements

26%

Private sector share of portfolio

Number of active portfolio operations

€1,176m

Current portfolio of projects

€661m

Operating assets

Equity share of portfolio

5 May 1992

Joined the EBRD

30,010

Capital subscription (€000)

EBRD Governor: Doina Nistor
EBRD Alternate Governor: Anca Dragu
EBRD Board Director, Türkiye: Yasemin Girici
EBRD Board Alternate Director: Lucian Isar

EBRD Shareholders information

Focus areas

Creating the conditions to support private-sector development

The EBRD is supporting measures to improve the business environment, both through investment projects that help to attract foreign direct investors and by engaging with the Moldovan authorities to promote much-needed reforms. The EBRD is supporting the Economic Council, an advisory body to the Prime Minister, which brings together policymakers and the business community with a view to enhancing the business climate. Improving the business climate is crucial for the Bank’s ability to support the private sector and attract investment. Governance and transparency in the banking sector are particular concerns and the EBRD is working closely with the authorities to address them.

Promoting European standards and regional integration

The EBRD is investing in projects that help Moldova develop value-added exports that will be competitive in regional markets, especially in the manufacturing and agribusiness sectors. As Moldova and the European Union (EU) are moving forward towards a Deep and Comprehensive Free Trade Area, Moldovan companies need to adopt higher production and quality standards. In addition, the EBRD is financing improvements in the country’s infrastructure to develop links to neighbouring countries as well as internal transport infrastructure to bring domestic producers closer to their markets. We are helping to strengthen energy security and efficiency and develop the telecoms sector.

Enhancing the commercialisation and sustainability of municipal enterprises

The EBRD is continuing to finance regional and municipal water-supply companies and is looking into ways to modernise district heating and solid waste management and promote public-private partnerships in the sector.

As well as being a country where the EBRD works, Moldova is an EBRD donor. In 2014, it signed a €1 million contribution agreement to the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund.

The EBRD’s latest country strategy for Moldova was adopted on 23 February 2023

2.0%

EBRD forecast for Moldova’s real GDP growth in 2024

3.8%

EBRD forecast for Moldova’s real GDP growth in 2025

Economic growth in the period from January to September 2024 was 0.6 per cent year on year, slightly down from 0.7 per cent in 2023. This sluggish performance was driven by a 10 per cent decline in the volatile agriculture sector and an 11 per cent fall in real exports of goods, largely due to weaker demand from the EU automotive industry. After relatively good performance earlier in the year, industrial production slumped in the fourth quarter of 2024, signalling further pressure on economic activity. At the beginning of 2025, the renewed energy crisis further weighed on economic activity. Gas supplies from Russia’s Gazprom mainly to the unrecognised breakaway region of Transnistria ceased after the expiration of the gas transit agreement between Ukraine and Russia on 31 December 2024. As a result, Transnistria’s largest gas-powered thermoelectric power plant sharply reduced production, relying on limited coal reserves and halted the flow of electricity to the rest of Moldova. Meanwhile, Moldova imported electricity from Romania at elevated prices.

At the beginning of 2025, the National Agency for Energy Regulation approved new tariffs for electricity delivered to end consumers, reflecting higher imported electricity prices. This has added to already accelerating inflation at the end of 2024 due to rising food prices and the scheduled gradual correction of excise rates made at the beginning of 2025. The central bank promptly reacted by lifting the policy rate by 200 basis points to 5.6 per cent in January 2025, the first hike in more than two years. While short-term growth prospects remain anaemic, the recently adopted European Commission’s Growth Plan for the Republic of Moldova, worth €1.8 billion for the period 2025-2027 (out of which€285 million is grants), could provide substantial relief. A moderate GDP growth of 2.0 per cent is expected in 2025, rising to 3.8 per cent in 2026.

Moldova strategy and snapshot

Moldova private-sector diagnostic

PDF format / 2.59 MB

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Moldova strategy

PDF format / 1.90 MB

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Report on public comments

PDF format / 0.14 MB

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Local language translation

PDF format / 2.81 MB

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Moldova country snapshot

PDF format / 1.16 MB

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Contact the EBRD in Moldova

Head of Office, Catarina Bjorlin Hansen

Address:

EBRD Chișinău Resident Office 63 Vlaicu Pârcălab Street Sky Tower building, 10th floor Chișinău MD-2012 Moldova

Telephone:

+373 (22) 21 00 00

Email:

ROChisinauMBX@ebrd.com

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The EBRD in Moldova

A Moldovan success story: how EBRD investment is helping nearly 40,000 residents in Balti benefit from a more efficient distribution network, consumption-based billing and affordable hot water supply.

Focus areas

Creating the conditions to support private-sector development

Promoting European standards and regional integration

Enhancing the commercialisation and sustainability of municipal enterprises

Moldova strategy and snapshot

Contact the EBRD in Moldova

The EBRD in Moldova

A Moldovan success story: how EBRD investment is helping nearly 40,000 residents in Balti benefit from a more efficient distribution network, consumption-based billing and affordable hot water supply.

Focus areas

Creating the conditions to support private-sector development

Promoting European standards and regional integration

Enhancing the commercialisation and sustainability of municipal enterprises

EBRD launches global tender to find new investor for Moldova's strategic port

EBRD and EU boost competitiveness of wine producer in Moldova

EBRD launches EU-backed guarantees to support Moldovan businesses

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