Mobiasbanca will receive a 5 million euro loan from its long-standing partner - the European Bank for Reconstruction and Development (EBRD) for lending to local companies. An agreement to this end was signed today, May 28, for the first time, remotely, suchwise Mobiasbanca continuing to implement new financial solutions for its customers despite the crisis caused by COVID-19.
Angela Sax, EBRD Head of Moldova, said: “EBRD funds will be on-lent to local companies, many of them suffering from the impact of the Covid-19 outbreak. Keeping businesses running despite the pandemic will help the Moldovan economy recover sooner.”
The EBRD is expecting a 4 per cent contraction in 2020, followed by a recovery of 5 per cent in 2021.
Elena Guzun, Deputy CEO and Commercial Director, Corporate Banking, at Mobiasbanca – OTP Group, said: ”This is in right time financial support for our clients, many businesses being disoriented in this period. Available funds are going to offer a perspective of development plans and confidence for resilience in this period.”
The EBRD loan to Mobiasbanca will be extended either in US dollars, euro or Moldovan lei, depending on the needs of the customers.
Mobiasbanca is a key Moldovan lender, with over 30 years of experience, offering full range of services to about 8,000 companies and 160,000 individuals through 53 branches across the country.
The new financing is part of the EBRD’s efforts to help countries where it invests combat the impact of the coronavirus and support the recovery. The EBRD stands ready to provide support worth €21 billion over the 2020-21 period.
The support includes a Resilience Framework for existing clients offering short-term liquidity, working capital and restructuring of exposure. The EBRD is also providing trade finance and an emergency support programme for vital infrastructure providers. The Bank is also ramping up its local currency, capital markets and equity offers.
The EBRD is the leading institutional investor in Moldova and has so far invested over €1.3 billion through 130 projects there. The Bank also helps the Moldovan authorities to design policies that improve business climate in the country.
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