EBRD Lends 15 Mln Euro to Moldindconbank for On-lending to SMEs

"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," EBRD Business Group Director for Financial Institutions Nick Tesseyman said in a statement.

The proceeds of the credit line will be used to finance investments and working capital of Moldovan SMEs with medium and long-term loans worth up to 1.0 million euro. The EBRD loan will be supported by technical assistance grants worth 90,000 euro under the Moldova-Financial Sector Framework.

Moldindconbank, based in the capital Chisinau, is the fourth largest bank in Moldova by assets and third by gross loans and total deposits.

The EBRD has committed more than 300 million euro in the Moldovan economy so far. The EBRD funds mobilised additional investments in excess of 240 million euro.

($=0.6699 euro)