The EBRD invested a record amount of 525 million euros in the Moldovan economy in 2022, which is 5 times more than a year earlier (106 million euros).
This was reported by the European Bank for Reconstruction and Development, noting that investments have supported energy security, the modernization of key infrastructure and SMEs, and the EBRD's assistance has been critical for a nation hard hit by the war in Ukraine. Head of the EBRD Office in Moldova Angela Sax noted that 2022 was a challenge for Moldova and the region, and the EBRD coped with this challenge. “Not only have we invested at a record amount, which has become a lifeline for the Moldovan economy, but we have also disbursed funds at a record pace, ensuring that our money goes into the real economy, providing benefits to ordinary Moldovans who have been particularly affected by the war in Ukraine. I am proud of our commitment and determination to support the Moldovan economy by supporting reforms in critical sectors,” said Angela Sax. According to her, the most important projects of the EBRD last year involved helping Moldova protect its energy security in the face of rising energy prices. Moldova is heavily dependent on natural gas imported from Russia through Ukraine, and the EBRD has provided a €300 million loan to the government to diversify gas supplies from European centers. On the infrastructure side, the bank provided a €100 million loan to further finance road repairs and upgrades near the border with Ukraine, supporting regional integration and continuing trade flows between Moldova, its traditional markets and the EU. The EBRD has also stepped up significantly in the banking sector, with investments doubling to €80 million in 2022 as the bank extended new credit lines to 3 banks to lend to small and medium-sized enterprises (SMEs). In particular, one of the credit lines in the amount of 35 million euros was opened for the largest bank in Moldova - Maib. The credit line means that Moldovan companies affected by the war in Ukraine can more easily access funding from Maib. Building on EU investment incentives, the EBRD has also increased lending to SMEs through partner banks under the EU4Business-EBRD credit line. Recognizing the importance of providing sound advice to both Moldovan and Ukrainian businesses in a volatile environment, the EBRD provided advisory services to 63 Moldovan SMEs through its Small Business Advice programme. In the context of the war in Ukraine, the bank launched special programs to support the resettlement of refugees, allowing them to improve their digital and financial skills, as well as providing advice on resettlement and business registration in Moldova. The EBRD has focused on advancing its strategic priorities in green, digital and SME integration, with 66% of its SME advisory projects having integration components and 62% digital components. In addition to good investment and business advisory performance, the EBRD continued to engage in policy dialogue in support of reforms. These include a corporate governance improvement program for state energy supplier Energocom, which has evolved into a full-fledged energy trader with greater transparency and standardization of its public procurement practices. To date, the EBRD has invested more than EUR 2 billion in Moldova through 159 projects. In total, the EBRD invested a record €13.1 billion in 2022, with 50% of investments in the green economy. // 26.01.2023 — InfoMarket.
