The proposed project is a credit line for up to EUR 5 million in two tranches to BS to be on-lent by BS to SMEs in Moldova. The proceeds of the credit line will be used by BS to provide medium-term financing to SMEs for production, investment, trade, services and working capital needs.
Transition impact potential derives from the demonstration effect associated with supporting the growth of SME lending which is still underdeveloped in Moldova. Development of a market for medium term lending will further build up on the successful implementation of the other credit lines granted by the EBRD to Banca Sociala in 2005 and 2006, respectively. Supporting the growth of BS will strengthen the banking sector and thus increasing competition.
BS is the sixth largest Moldovan bank with around 7% market share of total banking assets at end-2006, total assets of over EUR 100 million, total equity of EUR 14.2 million and net profit of EUR 0.5 million (as of 31 March 2007, MAS, unaudited). Shareholders include 493 individuals and companies, most of them being Moldovans.
A loan for up to EUR 5 million extended by the Bank to BS.
EUR 5 million equivalent.
BS will be required to adopt the EBRD’s Environmental Procedures for Intermediated Financing through Local Banks to sub-projects financed under the Credit Line. This includes adherence to the FI Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety, labour and public consultation legislation, appointment of a member of senior management with overall responsibility for the implementation of environmental procedures, and submission of annual environmental reports to EBRD.
Mr. Vladimir I. Suetnov, President
Banca Sociala SA
61, Banulescu-Bodoni Street
MD 2005, Chisinau,
Republic of Moldova
Phone: +373 22 22 14 81
Fax: +373 22 22 11 23
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