A new stage of the EBRD consulting program on small business support has been launched in Moldova with Italy allocating 500 thousand euros for this purpose.
The European Bank for Reconstruction and Development (EBRD) announced this, noting that the EBRD and Italy are strengthening support to micro, small and medium enterprises (MSMEs) in Moldova, and the EBRD will channel Italy's contribution of 500 thousand euros through the Central European Initiative (CEI) to help MSMEs and start-ups in Moldova to accelerate their digitalization, open financing opportunities and improve their competitiveness. As noted, small businesses, including youth enterprises and innovative startups, will receive targeted advisory support, experience, training and access to finance aimed at helping them solve problems and increase their economic resilience. Italy's contribution will also enable the introduction of the EBRD's Star Venture programme, a flagship initiative that helps innovative and high-tech start-ups scale their businesses through dedicated mentoring, advice and access to finance. The EBRD highlights that MSMEs make up a large part of Moldova's private sector, but have faced a number of challenges since the war in Ukraine began, including disruptions in transportation, logistics and supply chains, which have already been exacerbated since Covid-19. Cybersecurity attacks also tend to disproportionately affect small and medium-sized enterprises (SMEs), which lack the resources and know-how to put in place effective protection measures. Support will be provided to Moldovan businesses through the EBRD's Advice for Small Business programme to help them step up their digitalization efforts and equip them with tools to mitigate potential cyber threats. The EBRD's new initiative is aligned with the Bank's new Country Strategy for Moldova 2023-2028, which aims to help Moldova build a competitive, inclusive and well-managed private sector that empowers innovation and entrepreneurship. EBRD Head of Moldova Catarina Bjorlin Hansen said that the EBRD's partnership with Italy through CEI recognizes the key role that MSMEs and the start-up sector play in driving sustainable economic growth and development. "We are pleased to launch this joint initiative, which will enable high-potential and ambitious businesses and early-stage ventures to access critical know-how to advance their innovations and build sustainable and thriving businesses," she said. Italian Ambassador to Moldova Lorenzo Tomassoni said that the CEI fund at the EBRD is financed by the Italian Ministry of Foreign Affairs and International Cooperation. "It’s an important asset in the strategic partnership between Rome and Chisinau. The Fund targets Moldovan SMEs and start-ups, with the aim of supporting entrepreneurial development, also in the light of Moldova’s EU accession progress," he emphasized. The EBRD is a leading institutional investor in Moldova. Since the beginning of its activity in the country, the bank has invested more than 2 billion euros in 170 projects in finance, agribusiness, energy, infrastructure and manufacturing sectors in Moldova. // 30.11.2023 - InfoMarket.
