Project Description
Provision of a two-year senior unsecured loan of up to EUR 35 million to MAIB under the Resilience and Livelihoods Framework for on-lending to eligible companies in Moldova directly or indirectly affected by economic consequences of the war in Ukraine.
Project Objectives
The Facility will support Moldovan economy by enhancing MAIB's lending capacity and providing much needed access to finance for Moldovan companies negatively affected by economic consequences of the war in Ukraine through supply-chain disruptions and other shocks, with the ultimate goal of preserving livelihoods in the country.
Transition Impact
ETI score: 70
The Facility will support the Resilient and Inclusive TI qualities. The Facility aims to strengthen and diversify the client's funding base and facilitate the resilience of MSME and corporate businesses through uninterrupted lending to the economy. The Facility will also support the Inclusive quality by providing much-needed financing to support Moldovan businesses affected by the conflict, aimed at safeguarding their human and organisational capital.
Client Information
BC MAIB SA
MAIB is the largest systemic bank in Moldova with total assets of EUR 1.9 billion, total equity of EUR 278 million, loan portfolio of EUR 1 billion as of 31 March 2022, and market share of 33%. 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.
EBRD Finance Summary
EUR 35,000,000.00
Total Project Cost
EUR 35,000,000.00
Additionality
Response to the war in Ukraine: the Facility is provided in the extraordinary circumstances of the ongoing war in Ukraine, aimed to effectively bridge a financing gap due to adverse market conditions.
Environmental and Social Summary
Categorized FI (ESP 2019).
MAIB is an existing client of the Bank and satisfactorily implemented EBRD's Performance Requirements. MAIB will continue 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.
Technical Cooperation and Grant Financing
None.
Company Contact Information
Irina Bojoga
irina.bojoga@maib.md
https://www.maib.md/
Implementation summary
PSD last updated
29 Apr 2022
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
Email: projectenquiries@ebrd.com
For state-sector projects, visit EBRD Procurement:
Tel: +44 20 7338 6794
Email: procurement@ebrd.com
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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
