EIB opens credit line at Mobiasbanca

The European Investment Bank (EIB) decided to open a credit line to the value of €20 million at Mobiasbanca – Groupe Société Générale. The credit line is designed mainly to support projects launched by small and medium-sized enterprises and energy and environment projects devised by public institutions, municipal companies and medium-sized corporate companies, Info-Prim Neo reports. “The opening of this credit line is the result of several months of work and negotiations. We hope we will be able to continue our cooperation relations with the EIB by launching other interesting projects,” the president of Mobiasbanca – Groupe Société Générale Jean-Francois Myard said during the signing of the agreement with the EIB. Constantin Synadino, EIB Head of Lending Operations for Russia, Eastern Europe and Southern Caucasus, said the credit line was opened within the Eastern Partnership and represents the first operation of the kind in the countries covered by this initiative. “The EIB has cooperated with Groupe Société Générale for a rather long period of time. We have successful operations in France and other European countries. I'm glad that this agreement is signed with Mobiasbanca, which is a leading bank in Moldova. This credit line is a key-element in the EIB's strategy for supporting the banking system and providing loans to Moldova's economy,” said Constantin Synadino. The interest rates on the loans will be lower than on the market. The loans will be released in dollars and in euros. “Certainly, we will discuss with every client and analyze together the possible risks, identifying the appropriate solution for every company,” said the president of Mobiasbanca. Mobiasbanca is among the first banks in Moldova that started to cooperate with different international organizations. Its partners include the EIB, the European Bank for Reconstruction and Development, the International Development Association, and the Black Sea Trade and Development Bank. In 2007 it joined Groupe Société Générale, which is a leader on the international financial market. The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions. Since 2006, the EIB's investments in Moldova total €235 million for six projects.