The European Bank for Reconstruction and Development (EBRD) is increasing the availability of local currency financing to private businesses in Moldova with a US$ 8 million loan to ProCredit Bank for on-lending to small and medium-sized enterprises, IPN reports, quoting a press release of the Bank.
“We continue to support ProCredit Bank and increase the availability of local currency financing to private businesses as access to long-term funds remains very limited in Moldova. The structure of our loan ensures better control of foreign exchange and credit risks for ProCredit Bank and its customers,” said Henry Russell, EBRD Director for Financial Institutions in the Western Balkans, Belarus, Moldova and Ukraine.
The EBRD has previously provided two similar loans to ProCredit Bank for the total amount of US$ 10 million. The funds were on-lent to 3,700 companies.
The EBRD is the largest institutional investor in Moldova. It focuses on supporting private sector activity, promoting European standards and regional integration and developing efficient and sustainable public utilities. To date, the EBRD has invested some €900 million in over 100 projects in the country.
