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Moldova and EBRD have signed an agreement to provide Moldova with a 300 million euros loan to increase its energy security, by buying strategic gas supplies in addition to those currently supplied by Russia via Ukraine.

Moldova and EBRD have signed an agreement to provide Moldova with a 300 million euros loan to increase its energy security, by buying strategic gas supplies in addition to those currently supplied by Russia via Ukraine.

According to the European Bank for Development and Reconstruction (EBRD), the loan is designed to refinance the state energy trader Energocom to buy gas from the hubs of the European Union. The loan will finance up to 1/5 of Moldova's planned gas imports for 2022, which may be suspended as a result of the war in Ukraine. Currently, all of these imports come from Russia's Gazprom under a contract that expires in 2026. The loan will be divided into two tranches. The emergency tranche of 200 million euros will be used in case of supply disruptions, and another 100 million euros will be used to build strategic gas reserves to be stored in Romania or Ukraine to avoid seasonal price spikes and increase energy security. The EBRD noted that gas prices reached record highs last year, leading to an energy crisis exacerbated by the war. Recent progress in the implementation of the EU's Third Energy Package and the commissioning of the Romania-Moldova gas pipeline in 2021, the construction of which was financed by the EBRD, means that Moldova now has the technical means to replace them with purchases from EU hubs in the event of supply disruptions. EBRD Managing Director for Eastern Europe and the Caucasus, Matteo Patrone, said these EBRD projects are a lifeline for Moldova, helping it diversify its sources of supply and allowing the country to import 100% of its energy needs from the EU (through the constructed gas pipeline) in summer and up to 60% in winter. The Moldovan government has allowed Energocom to buy gas from alternative sources on the spot market, tendering mainly at the borders of the EU and Ukraine. This allows the EBRD to lend directly to pre-selected EU suppliers, selected by Energocom and agreed upon with the EBRD in accordance with EBRD procurement rules. The bank assured that the deal is structured to ensure full transparency and traceability of loan proceeds. // 24.06.2022 - InfoMarket.

News on the subject

The Parliament ratified the agreement on a new WB grant in the amount of $3 million 105 thousand for the project "Competitive Agriculture in Moldova".
The Parliament ratified the agreement on a new WB grant in the amount of $3 million 105 thousand for the project "Competitive Agriculture in Moldova".
Moldova to receive a WB loan of 44.1 million euros and a grant of 1.55 million euros from Austria for the development of water supply and sanitation systems.
Moldova to receive a WB loan of 44.1 million euros and a grant of 1.55 million euros from Austria for the development of water supply and sanitation systems.
The United States Agency for International Development (USAID) has launched a new $35 million Moldovan Institutional and Structural Reform Activity (MISRA).
The United States Agency for International Development (USAID) has launched a new $35 million Moldovan Institutional and Structural Reform Activity (MISRA).
The EU will strengthen support for border control on the Moldovan-Ukrainian border and allocate 15 million euros to help Moldova cope with the influx of refugees.
The EU will strengthen support for border control on the Moldovan-Ukrainian border and allocate 15 million euros to help Moldova cope with the influx of refugees.
The EU, in partnership with UNDP, will provide Moldova with an additional grant of 10 million euros to overcome the energy crisis.
The EU, in partnership with UNDP, will provide Moldova with an additional grant of 10 million euros to overcome the energy crisis.
Moldova received external loans in 2021 to support the budget and implement projects financed from external sources, totaling 10 billion 611.4 million lei (the equivalent of $601.8 million).
Moldova received external loans in 2021 to support the budget and implement projects financed from external sources, totaling 10 billion 611.4 million lei (the equivalent of $601.8 million).