Initial project signed on 22 December 2021 included the provision of up to four-year senior unsecured loan of up to EUR 5 million to MAIB under the SME Competitiveness Programme in the Eastern Partnership for on-lending to eligible micro, small and medium enterprises (MSMEs) with disbursements available in EUR or optionally in LCY. In addition to long-term financing, eligible sub-borrowers will receive technical assistance funded by the European Union and grant support in the form of investment incentives upon the completion of their investment projects.
The amount of the facility is subsequently increased in 2022 by additional EUR 15 million in two tranches of EUR 10 million and EUR 5 million, other conditions remaining unchanged.
The SME Competitiveness Programme in the 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 European Union (EU) standards. The proposed project will enable MAIB to extend loans for investment purposes to local MSMEs, financing upgrades of technology and equipment necessary to meet EU standards in terms of product quality, health and safety measures and environmental preservation and thus will help businesses to become greener and more competitive. At least 70 per cent of all financed sub-loans are expected to be compliant with EBRD Green Economy Transition (GET) approach.
ETI score: 75
Competitive: MAIB will further expand its MSME portfolio with a focus on financing investments leading to compliance with EU directives, facilitating Moldovan MSMEs increased competitiveness.
Resilient: MAIB will be expected to maintain adequate portfolio quality.
BC MAIB SA
MAIB is the largest systemic bank in Moldova with total assets of EUR1.7 billion, total equity of EUR253 million, loan portfolio of EUR878 million as of 30 September 2021, and market share of 31%. MAIB is 41.09% owned by HEIM Partners, a consortium of investors, including EBRD, Horizon and Invalda. Other minority shareholders include management, staff and local companies.
Key sources of additionality under the project are (i) Financing structure (long-term tenor in support of investments by Moldovan MSMEs ) and (ii) Knowledge, innovation and capacity building (technical assistance under the programme to the banks and MSMEs will support timely realisation of EU-compliant investments in Moldova).
Environmental and Social Summary
Categorized 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
MSME sub-borrowers will benefit from financial incentives (up to 15 per cent of the lower of sub-loan disbursed amount or investment cost) for eligible sub-projects, while the bank will receive technical assistance from dedicated consultants towards investment projects preparation and implementation.
TC and non-TC source: European Union Neighbourhood investment Platform.
Company Contact Information
PSD last updated
29 Apr 2022
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