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PRESS RELEASE
2024-XXX-EN
Chișinău, 10 April 2024
MSMEs in Moldova receive EU-backed financing boost from EIB Global in partnership with maib
- EIB Global has signed a €50 million loan with maib, Moldova’s largest bank, with a focus on green investments of smaller businesses.
- EIB Global also makes available a partial portfolio guarantee, backed by the European Commission, that will enable maib to extend an additional €44 million to MSMEs.
- Through this financial package, maib will extend loans on favourable terms to MSMEs and mid-caps, thus enhancing access to finance and the potential to generate employment and economic growth.
The European Investment Bank (EIB Global) announced the signature of two agreements with Moldova’s largest bank maib at the EU-Moldova Private Sector Investment Conference in Chișinău: a €50 million loan and a risk sharing instrument, backed by the European Union, unlocking an additional €44 million portfolio of loans to micro, small and medium enterprises (MSMEs).
The EIB’s €50 million loan to maib is set to improve access to finance and boost green investments. At least 10% of the loan amount will be dedicated to green projects, thus contributing to climate action and environmental sustainability. Moldovan MSMEs and mid-caps will receive loans at attractive terms, such as long tenors, advantageous interest rates and the option for denomination in both foreign currencies and Moldovan Leu.
With the signing of the partial portfolio guarantee, backed by the European Union’s European Fund for Sustainable Development (EFSD), EIB Global further complements and strengthens its offer of financial support to the Moldovan private sector. This risk sharing operation will mobilise an additional €44 million in loans to MSMEs.
Macar Stoianov, Deputy Chairman of maib’s Management Board, said: “We are delighted to partner with the European Investment Bank and grateful for the trust it has placed in us. Maib has very strong expertise in lending to Moldovan businesses across all sectors, and we possess the capacity to ensure that these stable long-term funds will be put to good use for projects on the ground in Moldova to boost its economic development. EU backing of the portfolio guarantee will go a long way to fund micro, small and medium-sized companies in Moldova. European integration is at the top of the country’s agenda, and maib is happy to play an active part in this journey. In addition to loans, maib offers its business customers a top-notch internet banking solution, a network of business centres with helpful relationship managers, a dedicated hotline and a full array of payment services. Once again, we are grateful to the European Union and the EIB for their partnership.”
EIB Vice-President Teresa Czerwińska, responsible for the EIB’s activities in Moldova, said: “This financial package will bolster local entrepreneurship, foster job creation and strengthen the resilience of Moldovan businesses, which is even more important now against the background of the war in Ukraine. MSMEs are the backbone of Moldova’s economy representing 60% of employment in the private sector. Strengthening and diversification of the Moldovan economy have become more urgent as the country advances towards EU membership. Together with our EU partners, we remain committed to assisting Moldova in developing a stronger economy, aiming to make it more competitive, innovative and inclusive.”
DG NEAR Director for Neighbourhood East and Institution Building Adrienn Kiraly said: “We are pleased to witness the signature of the EIB loan agreement with maib and the partial portfolio guarantee supported by the European Union. These instruments together will mobilise over €90 million in loans to support Moldovan MSMEs and contribute to further reinforcing the Access to Finance flagship initiative under the EU Economic Investment Plan (EIP). Through this support, we aim to strengthen the resilience of businesses in Moldova while generating employment and economic opportunities.”
Background information:
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance outside the European Union. EIB Global is designed to foster strong, focused partnership within Team Europe and as part of the EU Global Gateway strategy, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
EIB Global and Moldova: Since establishing its presence in Moldova in 2007, the EIB has channelled around €1.29 billion into projects, backing EU policy objectives across multiple sectors, such as transport, energy, MSMEs, agriculture and municipal infrastructure. The EIB cooperates with Moldova in the framework of the European Neighbourhood Policy and has recently stepped up its support to assist the country in the EU accession process. In 2023, the Bank signed loans for a total amount of €120 million to support both public and private sector projects.
Maib is the largest bank in Moldova, with a share of 34.3% of deposits and 37.4% of loans in the entire banking system at the end of 2023. Maib is a disciplined lender with an NPL ratio of 2.7% and is well capitalised with a capital adequacy ratio (CAR) of 24.2% as of 31 December 2023. The bank is of systemic importance to the country, serving almost a third of the population and is one of the largest private employers in Moldova, with a workforce of over 2 400 people. Since 2018, maib's largest shareholder has been a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic states, and Horizon Capital, a private investment fund focused on emerging markets.
Press contacts
EIB:
Olga Sushytska, o.sushytska@eib.org, +352 691 289 108
Website: www.eib.org/press — Press Office: +352 4379 21000 — press@eib.org