January 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are jointly lending 5 million euro ($5.7 million) to Moldova's Eximbank to support investment plans of local micro, small and medium-sized enterprises (MSMEs), the bank said.
At least 70% of the new funds will be used to finance green technologies and a third will be dedicated to improving access to finance for women-led companies, the EBRD said in a press release on Thursday.
"Fast-growing SMEs can help economies to recover from the ongoing pandemic by creating new jobs and introducing innovations. I am delighted to consolidate cooperation with Eximbank – part of Intesa Sanpaolo, our strong partner in so many countries – to channel funds to companies across Moldova, with support from the EU," EBRD president Odile Renaud-Basso said during an official visit to Moldova.
Borrowers will be eligible for a cashback grant of up to 15% of the loan amount upon successful completion of their respective investments. The financial incentives are funded by the EU under the EU4Business initiative.
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