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FIF - EaP SMEC - Victoriabank



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

07 Dec 2021



PSD disclosed:

07 Dec 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

A senior unsecured loan of up to EUR 5 million to be provided to Victoriabank (VB) for on-lending to eligible micro, small and medium-sized enterprises ("MSMEs") under SME Competitiveness Programme in the Eastern Partnership of the EU ("EaP SMEC", OpID 52248). The loan will consist of two equal tranches, with the second tranche (EUR 2.5 million) uncommitted and available at the sole discretion of EBRD.

Project Objectives

The project will enable VB to support the investments of local MSMEs in upgrading their technology and equipment necessary to meet EU standards (product quality, health and safety measures, and environmental preservation). At least 70% of the financed sub-loans are expected to comply with EBRD Green Economy Transition ("GET")  approach.

Transition Impact

ETI score: 75

The project contributes to the objectives of the Financial Intermediaries Framework, supporting the following transition qualities:

Competetive: The project is to support VB's lending to MSMEs, including new clients and those in the regions, with the purpose to encourage their earlier adoption of and compliance with higher EU-level standards in the area of product quality and safety, occupational health and safety, and environmental protection. Compliance with higher standards is expected to contribute to the competitiveness of MSMEs and support development of export activity.

Resilient: The project aims to ensure prudent lending practices and adequate portfolio quality.

Client Information


Victoriabank (VB), the third largest commercial bank in Moldova with a market share of 14.8% by total assets at end-August 2021, a long-standing client of the EBRD. VB is majority owned by VB Investment Holding B.V., the Netherlands, with 72.19% stake in VB. VB Investment Holding B.V. is owned 61.82% by Banca Transilvania (BT), Romania, and 38.18% by EBRD.

EBRD Finance Summary

EUR 5,000,000.00

Total Project Cost

EUR 5,000,000.00


Key sources of additionality under the project are (i) Financing structure (long-term tenor in support of investment activity) and (ii) Knowledge, innovation and capacity building (technical assistance under the programme will support timely realisation of EU-compliant investments in Moldova).

Environmental and Social Summary

Category FI (2019 ESP). Victoriabank is an existing client who has to date been effective in implementing the Bank's requirements. Under the proposed transaction the client will be required to continue to be compliant with PRs 2 and 4 for their internal processes and apply PR9 and the appropriate EBRD EHSS Procedures to lending activities. 

Technical Cooperation and Grant Financing

EaP SMEC sub-operation is complemented by grant funding (TC and Non-TC) sourced from the EU through the Delegation Agreement between EBRD and the European Commission on the SME Competitiveness Programme in Eastern Partnership. In addition to long-term financing, eligible sub-borrowers will receive technical assistance funded by the EU and grant support in the form of investment incentives upon completion of their investment projects.

Company Contact Information

Vasile Donica

PSD last updated

07 Dec 2021

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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