First syndicated loan organized by EBRD was offered to Mobiasbanca

The first syndicated loan organized by the European Bank for Reconstruction and Development (EBRD) in Moldova was offered to “Mobiasbanca” Commercial Bank by the EBRD and the Netherlands Development Finance Company (FMO). The syndicated loan amounts to USD 6 mln. The loan contract was signed on Thursday, November 23, by president of “Mobiasbanca”, Nicolae Dorin and Michael Davey, EBRD Director for the Caucasus, Moldova and Belarus. According to Nicloae Dorin, “Mobiasbanca” collaborates for 10 years with the EBRD, when the Moldovan bank received a first USD 1 mln credit line to support micro and small enterprises. In 2002, Mobiasbanca became an issuing bank under the EBRD’s Trade Finance Facilitation programme, which promotes trade to, from and within EBRD region from central Europe to central Asia. Cooperation has been extended in 2004 and 2005 to the areas of small and medium-sized enterprise finance and risk-sharing for larger corporate loans. Dorin states that the new credit line will allow the bank to increase the figure of loans provided to small and medium-sized enterprises, but also to individual persons who plan to start a business. The maximum credit sum will not exceed MDL 500 thousand, and the maturity will vary depending on the value of the business, the maximum term being 5 years, president of “Mobiasbanca” added. Michael Davey declared that “Mobiasbanca” is an important partner and that EBRD intends to expand this collaboration, implementing other projects, as well. In this context, the official said that the finance of the EBRD will contribute to the increase in Mobiasbanca’s portfolio for clients. At the same time, the representative of EBRD considers that lately many small and medium enterprises are opened in Moldova due to the possibility of obtaining the necessary financial means. At the moment, the credit portfolio of “Mobiasbaca” offered to small and medium-sized enterprises is more than USD 1 bln.