Moldova has improved governance and transparency rules in the banking sector, and this will allow to attract reputable foreign investors. This was stated by Dimitri Gvindadze, head of the EBRD’s office in Chisinau, during his end-of-term press conference on Thursday.

Dimitri Gvindadze has noted that two-thirds of the Moldovan banking sector is under the National Bank’s special supervision because of shareholder and governance issues. The country needs strategic investors to modernize Moldovan banks, says Gvindadze, and the announced purchase of Victoriabank by Banca Transilvania, due to be completed in January, will be “a major step towards the recovery and modernization of the financial sector.”

He noted that EBRD’s annual investment in Moldova hit an all-time record in 2017 as the Bank provided €130 million of financing to support the private sector and develop infrastructure. EBRD’s current portfolio in Moldova has amounted to about half a billion euros. However net disbursements are at around €150 million, which is due to a sluggish implementation of road rehabilitation projects. “We must work to improve the capacities of those implementing projects in this sector”.

Dimitri Gvindadze went on to note that at the end of November the EBRD Board adopted a new strategy for Moldova for the next five years. The strategy provides for support in the banking sector, work with reputable investors to facilitate their entry into the Moldovan market, promotion of shareholder transparency and enhancement of corporate governance. In the energy sector focus will be on energy efficiency projects. EBRD will also continue to support municipal projects in such areas as wastewater treatment and solid waste management.

Dimitri Gvindadze was appointed head of EBRD operations in Moldova on 2 May 2016.