Maib supports “Cereale de Aur” LLC with €3 million loan, backed by EBRD Unfunded Risk Guarantee
Maib, with the support of EBRD, is proud to announce the signing of a €3 million loan agreement with ”Cereale de Aur” LLC, a leading Moldovan sunflower-seed processing company. The signing ceremony took place on May, 15, at the EBRD 32nd Annual Meeting in Samarkand, Uzbekistan.
The finance is part of EBRD efforts to help countries around Ukraine weather the impact of war. This loan will help the company buy sunflower seeds from both Moldova and Ukraine for processing and export, mainly to the European Union.
EBRD is providing €1.5 million of unfunded risk participation in the revolving working capital finance, which will allow “Cereale de Aur” LLC raise its processing capacity for sunflower seeds from 20 per cent now to 85 per cent and to expand its exports, mainly to EU countries, where there is a growing demand for sunflower seed.
“Cereale de Aur” LLC is part of WeTrade Group, a long lasting maib corporate client, benefiting from a wide range of maib services and products. The company operates a cutting-edge sunflower seed de-hulling and sorting facility in the northern region of Moldova, the bank supporting its development and growth.
“We are pleased to announce our continued partnership with our reliable financial institution, maib and the signing of a 3 million euro RSF agreement between maib, EBRD, and our company. Maib was the first to believe in our business plan, providing support for the construction of a new production facility in 2020 through an investment loan to ”Cereale de Aur” LLC. We extend our gratitude to the exceptional teams at maib and EBRD for their support in our business development. We have high believe that our business plans will soon become a reality”, mentioned the management of WeTrade Group.
This latest financing from maib further strengthens the collaboration between WeTrade Group and the EBRD, driving increased exports and facilitating diversification into value-added products. Maib's steadfast commitment to supporting “Cereale de Aur” LLC reflects its dedication to strengthening the agribusiness industry and fostering sustainable development in Moldova.
Giorgi Shagidze, maib CEO:
„We are honored to be part of this transformative journey alongside “Cereale de Aur” LLC and the EBRD. As Moldova's leading commercial bank, maib remains steadfast in our commitment to supporting the country's economic development and creating opportunities for our clients. I would like to thank the company founders for being with us for so many years, EBRD - for giving us this opportunity to add value to our customers and everyone who worked tireless for this very important transaction”.
This collaboration highlights the power of partnerships in driving economic growth and resilience. The project is part of the EBRD’s efforts to support Ukraine and the countries around it – including Moldova – in the wake of Russia’s invasion last year.
The EBRD, Moldova’s biggest institutional investor, has invested more than €2 billion in 163 projects to date.
About maib
Maib is the largest bank in Moldova, with a share of 33.0% of deposits and 37.2% of loans of the entire banking system at the end of 2022. Maib is a disciplined lender with NPL ratio of 2.54% and is well capitalised with CAR of 22.2% as of 31 December 2022. As of year end 2022 maib’s market share of loans to corporate and business customers was 40.7% of the entire banking system. The Bank is of systemic importance and serves almost a third of the country's population. Since 2018, maib's largest shareholder is 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 from Europe.
