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The EBRD is providing OTP Bank with a new loan of 15 million euros to support investments by micro, small and medium-sized enterprises in Moldova.

The EBRD is providing OTP Bank with a new loan of 15 million euros to support investments by micro, small and medium-sized enterprises in Moldova.

According to the European Bank for Reconstruction and Development, in particular, these funds are allocated under the EU4Business-EBRD credit line and will be supplemented by incentive grants from the EU. In particular, the project will allow OTP Bank to continue to support investments by local micro, small and medium-sized enterprises in upgrading their technologies and equipment to meet EU standards, improve competitiveness and support export potential. It is expected that at least 70% of the loan will be used to finance investments in clean technologies. As noted in the EBRD, Moldova in June this year. has received EU Candidate status and the new funding provided will help achieve the EU Economic and Investment Plan's goal of supporting 50,000 micro, small and medium-sized enterprises in Moldova. It is emphasized that small business is the backbone of the Moldovan economy, and its support is vital to ensure sustainable economic growth, despite the negative impact of the war in Ukraine. Investments in equipment upgrades and energy efficiency are critical to their competitiveness and will help minimize the negative effects of war and record high energy prices. OTP Bank in Moldova has been a client of the EBRD since 1996. The owner of OTP Bank is the Hungarian OTP Bank Nyrt, which now owns 98.26% of the bank's shares. OTP Bank ranks 3rd among 11 Moldovan banks in terms of total assets (955 million euros), and its market share in loans and deposits at the end of September was 15% and 16%, respectively. The EBRD is the leading institutional investor in Moldova. To date, the EBRD has invested more than €1.8 billion in the country through 158 projects, with 57% of its portfolio in sustainable infrastructure. The EBRD is a multilateral bank that promotes private sector development and entrepreneurship in 36 countries on three continents. The bank is owned by 71 countries, as well as the EU and the EIB. The EBRD's investments aim to make the economy in its regions competitive, inclusive, well-governed, green, sustainable and integrated. // 13.12.2022 — InfoMarket

News on the subject

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