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.

184

Number of projects to date

€2,561m

Cumulative EBRD investment

€1,834m

Cumulative disbursements

29%

Private sector share of portfolio

Number of active portfolio operations

€984m

Current portfolio of projects

€466m

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

1.8%

EBRD forecast for Moldova’s real GDP growth in 2024

3.8%

EBRD forecast for Moldova’s real GDP growth in 2025

Economic growth decelerated to a mere 0.1 per cent in 2024, driven by an 18.9 per cent decline in agriculture and a 12.6 per cent drop in real exports due to reduced EU and Ukrainian demand. Despite a promising start of the year, the economy fell into recession in the second half of 2024, exacerbated by weak industrial export demand and poor agricultural conditions. At the beginning of 2025, manufacturing and exports remained sluggish, further hindered by disrupted gas supplies from Russia's Gazprom to the unrecognised breakaway region of Transnistria and halted electricity supply from its thermoelectric power plant, necessitating costly electricity imports from Romania. Consequently, retail electricity and heating prices surged by 50 per cent and 25 per cent in January 2025, respectively. This came on top of already accelerating inflation at the end of 2024 due to rising food prices and the scheduled gradual correction of excise goods prices at the beginning of 2025, prompting the central bank to raise the policy rate twice early in 2025, marking the first hikes in over two years. Inflation hit 9.1 per cent in January 2025 but eased slightly to 8.8 per cent by March.

The foreign exchange market remains stable thanks to steady official foreign financing. In February 2025, the European Commission granted the country €250 million to offset excess electricity costs for households and social institutions until end-2025, along with aid to vulnerable households and support for agricultural and manufacturing businesses. Combined with the European Commission’s Growth Plan for Moldova (€1.9 billion for 2025-2027, including €385 million in grants), these measures aim to bolster the economy. Real GDP growth is projected to reach 1.8 per cent 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

Download

Local language translation

PDF format / 2.81 MB

Download

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

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