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EBRD and Mobiasbanca intensify cooperation
$6 million loan to boost small and medium-sized Moldovan enterprises
The EBRD and Mobiasbanca are intensifying their cooperation with a new $6
million loan provided to Moldova’s fifth largest commercial bank. $3 million
of the loan will come from the EBRD, while the second $3 million-portion will
be provided by the Netherlands Development Finance Company (FMO), an
international development bank of the Netherlands. This project will be the
first syndicated loan organised by the EBRD in Moldova.
SMEs play a crucial role in Moldova’s economy. However, their development has
been hampered among others by weaknesses by limited access to finance. The
EBRD’s loan to Mobiasbanca is expected to improve this situation.
The funding will allow Mobiasbanca to expand its lending to small and
medium-sized enterprises. Mobiasbanca is market leader in Moldova’s SME and
retail market with a wide range of products and services. The bank is
continuously expanding its branch network as well as its product range in
order to attract new clients especially in the retail sector.
The EBRD and Mobiasbanca have been partners since 1996, when the Moldovan bank
received a first $1 million credit line to support micro and small
enterprises. In 2002, Mobiasbanca became an issuing bank under the EBRD’s
Trade Finance Facilitation programme, which promotes trade to, from and within
the EBRD region from central Europe to central Asia. Cooperation has been
further extended in 2004 and 2005 to the areas of SME finance and risk-sharing
for larger corporate loans.
Michael Davey, EBRD Director for the Caucasus, Moldova and Belarus, said the
loan will support the development of Mobiasbanca, one of the best performing
and fastest growing banks in Moldova and one that is committed to transparency
and good corporate governance. EBRD’s financing will help Mobiasbanca develop
its SME portfolio further and thus benefit the country’s economy overall.
Nicolae Dorin, Chairman of Mobiasbanca Administrative Board, said this second
SME credit line comes as a “logical extension of our cooperation with the EBRD
after the success of the first SME line in 2004 and other existing programs.
We highly appreciate our strategic partnership with the EBRD, especially in
the SME sector. Mobiasbanca has always been committed to satisfy the growing
financial needs of SME customers. Thanks to our cooperation with the EBRD our
clients can always rely on Mobiasbanca’s long and short term funding to
support their development.
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