The European Investment Bank (EIB) is lending EUR 20 million to CB Mobiasbanca - Groupe Société Générale SA - to finance projects of SMEs and smaller and medium sized projects promoted by midcap companies in the Republic of Moldova.
The EIB funds will co-finance projects important for the development of the private sector and undertakings in the areas of social and economic infrastructure as well as the climate change mitigation and adaptation. Including the current loan, the EIB has provided intermediated loans supporting SME and midcap company projects in Moldova totalling to EUR 60 million, after the Bank was invited by the 2009 Eastern Partnership Summit to extend its investment support for SMEs in the Eastern Partnership Region.
This loan will bring the EIB lending commitments in Moldova to some EUR 420 million. It represents a continuation of the successful cooperation between the EIB and Mobiasbanca. Before, in 2010 the EIB granted to this partner financial institution a loan of EUR 20 million that has been successfully disbursed supporting SME projects in Moldova.
This operation is in line with the EIB’s priority to provide a better access to long term financing to SMEs. This will support growth by fostering economic restructuring, consolidation and diversification as well as strengthening competitiveness of the SME sector.