EBRD lends 10 mln euro to Moldova-Agroindbank

The loan is extended under the Moldovan Residential Energy Efficiency Financing Facility (MoREEFF) and Moldovan Sustainable Energy Efficiency Financing Facility II (MoSEEFF II).

It will enable Agroindbank to provide long-term funding to clients implementing residential energy saving projects, the EBRD said in a statement.

"Moldova relies heavily on imports to satisfy its energy needs. High energy costs and energy losses, coupled with outdated equipment and obsolete energy infrastructure make Moldova one of the most carbon intensive countries in Europe. This is harmful to the environment and results in high energy bills for individuals and businesses," the bank said.

Agroindbank posted the highest first-half net profit among Moldovan banks.

The EBRD has so far signed 88 investment projects in the country, covering energy, transport, agribusiness, general industry and banking sectors, for a total amount of almost 711 million euro.

($ = 0.778 euro)