The European Bank for Reconstruction and Development (EBRD) is lending €15m to C. B. Moldindconbank (MICB) to support the development of its portfolio of SMEs credits.
The funds from the EBRD will enable Moldindconbank, the fourth largest bank in Moldova by assets and third by gross loans and total deposits, to address the stringent need for SME financing in the country in the current tight credit market.
The proceeds will be used to finance investments and working capital of Moldovan SMEs with medium and long-term loans worth up to €1m.
The EBRD loan will be supported by technical assistance grants worth €90,000 under the Moldova-Financial Sector Framework.
Commenting on the agreement, Nick Tesseyman, EBRD Business Group Director for Financial Institutions, said: “This transaction reinforces the EBRD’s commitment to support the real economy sector in Moldova in the current challenging environment. The credit line to Moldindconbank will increase the availability of the much needed financing to SMEs and will support their development”.
FinSMEs
17/11/2009