The European Bank for Reconstruction and Development (EBRD) invested a record €525 million in 14 projects in Moldova in 2022. Investments supported energy security, upgrade of key infrastructure and SMEs, IPN reports.

The Bank’s annual investment increased five-fold from its 2021 figures when it stood at €106 million, as Moldova struggled with high inflation and a global energy crisis caused by the fallout of the war, as well as an influx of refugees from neighboring Ukraine.

“The year 2022 was challenging for Moldova and the region, and the EBRD stepped up to the challenge. We have not only invested a record volume that provided a lifeline to the Moldovan economy, but also disbursed funds at a record rate, ensuring that our money went to the real economy and benefited regular Moldovans, who have been so significantly impacted by the war on Ukraine Angela Sax. I am proud of our commitment and determination to support Moldova’s economy, while also supporting reforms in critical sectors,” said the Bank’s Head of Moldova Angela Sax.

Among the highlights of the EBRD’s activity last year were its efforts to help Moldova safeguard its energy security amidst rocketing energy prices. Moldova is highly dependent on imported natural gas from Russia via Ukraine, and the Bank lent the government €300 million to diversify its gas supplies away from Russian sources and procure supplies from European hubs.

In infrastructure, the Bank lent €100 million to further finance the rehabilitation of roads near its border with Ukraine, supporting regional integration and continued trade flows between Moldova, its traditional markets and the European Union.

The EBRD also significantly stepped up its activities in the banking sector. Its investment in financial institutions (FIs) more than doubled to €80 million in 2022, as the Bank extended new credit lines to three banks for on-lending to small and medium-sized enterprises (SMEs).

To date, the EBRD has invested more than €2 billion through 159 projects in Moldova.