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The EBRD approved a loan of 200 million euros to Moldova for the purchase of gas in order to replenish its strategic reserves.

The EBRD approved a loan of 200 million euros to Moldova for the purchase of gas in order to replenish its strategic reserves.

As noted in the message of the European Bank for Reconstruction and Development, this loan was approved by the Board of Directors of the EBRD today at its extraordinary meeting. The commitment is part of a €300 million loan approved this summer as part of the bank's €2 billion resilience and livelihoods framework to support Ukraine and neighboring affected countries. The loan is aimed at ensuring Moldova's energy security and will follow an earlier €100 million tranche provided to state-owned energy trader Energocom to purchase strategic gas reserves to diversify Moldova's energy supply. The EBRD notes that Moldova is struggling with a significant energy shortage amid record energy prices and supply disruptions due to the war in Ukraine. The country depends on Ukraine for electricity imports and on Russia for gas. The €200 million emergency tranche of the EBRD loan is intended for emergency gas purchases in the event of supply disruptions under Moldova's current 5-year contract with Gazprom. This will help the government replenish its gas reserves and ensure the basic needs and economic livelihoods of 2.7 million Moldovans and refugees from Ukraine. Matteo Patrone, Executive Director of the European Bank for Reconstruction and Development for Eastern Europe and the Caucasus, noted that Moldova is experiencing one of the most serious energy crises in Europe. “And with winter on the doorstep, it is critical that Moldovan citizens and Ukrainian refugees have affordable and stable energy to heat their homes and not lose power,” he said. Matteo Patrone stressed that this EBRD loan will allow the government to buy gas and prevent disruptions this winter, providing access to vital energy services for Moldovans and Ukrainians. The EBRD is the leading institutional investor in Moldova and has invested to date more than €1.8 billion in the country through 158 projects.// 10.11.2022 — InfoMarket.

News on the subject

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