EBRD to lend Moldova €100 million in 2012

The European Bank for Reconstruction and Development intends to offer loans amounting to a total of €100 million to Moldova in the course of 2012, with a potential increment of the amount by 20%, Info-Prim Neo reports. EBRD Representative in Moldova Libor Kroska announced that the Bank was negotiating with the Moldovan authorities an energy infrastructure project in line with EBRD's efforts to promote energy efficiency and the use of renewable energy. “Energy efficiency is a catalyst for investment everywhere around the world. We are offering technical assistance to the Ministry of Economy and the Energy Agency with reviewing the regulatory framework for renewable energy. The adoption of this improved regulatory framework will be a signal to the attraction of significant investment in this area. Concomitantly, we are working with the Government to consolidate energy interconnections between Moldova and the EU via Romania”, said Libor Kroska. Libor Kroska noted that during three and a half years of his stay in Moldova, things improved. “While in 2007, when I arrived in Moldova, the portfolio of EBRD investments in Moldova was €200 million, now it rose to over €600 million. Then we worked with 2 local banks, and now with 7. The banking sector is one of the main destinations of EBRD investments. But we also have major projects in the public sector, in road works (€75 million), in public transport and in the water supply and sewer systems”. In another development, Libor Kroska praised the Moldovan authorities for the prompt response to the hostile takeovers in the banking system. Libor Kroska, whose term in office expires, stated that it was a pleasure for him to work in Moldova and expressed his confidence that the country and its people would have a prosperous future. “The economy needs to be further modernized, the legislation harmonized and the business climate improved, and investments will come to Moldova. There are signals that some western companies are willing to redirect their operations to Moldova”. From Monday Libor Kroska is assuming the post of EBRD's Office for Bosnia and Herzegovina. “I leave for Sarajevo, but I will never forget the goodwill and the hospitality of the Moldovan people and I will return to Chisinau whenever I have the chance”.