Bank leaders underscore strong support for country’s economy
The Presidents of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) will be in the Moldovan capital Chisinau from 5 to 7 February 2014 for a joint official visit that will highlight the shared commitment of the two institutions to support Moldova’s economic development and reform programme.
This represents the first ever joint visit of the Presidents of both institutions to a country of operation. In their discussions with the President, Prime Minister and senior officials, EBRD President Sir Suma Chakrabarti and EIB President Werner Hoyer will focus on Moldova’s economic priorities and the contribution that the EBRD and EIB can make to the country’s transition.
EIB President Werner Hoyer said “Moldova is a key country for the EIB’s and EBRD’s shared and complementary engagement in the region, where both institutions have demonstrated a strong commitment to helping modernise crucial infrastructure, create jobs and increase economic competitiveness in recent years. We look forward to continuing our joint engagement with the Moldovan authorities to support further investment in priority sectors. The EIB, as the EU Bank, is committed to continuing support for enhanced integration between Moldova and neighbouring countries. Our close cooperation with the European Commission in Moldova and the valuable contribution of the Neighbourhood Investment Facility enables investment that improves crucial infrastructure in the country.”
“We look forward to continuing our cooperation with the EIB in Moldova and working together with Moldova to achieve greater economic integration and harmonisation with EU standards. The EBRD has a strong track record of promoting transition in the country through its investments, technical assistance and policy dialogue and we remain committed to supporting the people of Moldova in their ambition for a European future as well as the authorities in driving forward the country’s reform programme,” said EBRD President Chakrabarti.
During the visit the EIB and EBRD leaders will have meetings with President Nicolae Timofti, Prime Minister Iurie Leanca, Economy Minister Valeriu Lazar, Igor Corman the Chairman of the Parliament, National Bank Governor Dorin Dragutanu and Dorin Chirtoaca, the Mayor of Chisinau.
The EBRD President will also have discussions with partners from the private sector and civil society. The EIB President will also use the visit to announce significant new cooperation to support development of the agricultural sector in Moldova.
During the visit, the two Presidents will sign an agreement on the latest joint EBRD/EIB project in the country, a loan to support the modernisation of Chisinau’s water and wastewater infrastructure.
Since 2007, the EIB and the EBRD have jointly financed 9 projects worth a total of €674 million on an equal basis. These have supported investment in diverse sectors including from road rehabilitation, public transport, power transmission network rehabilitation modernisation, as well as in water services.
Since it started operations in Moldova, the EBRD has invested almost €900 million in the country, in over 100 investments in the country, covering the energy, transport, agribusiness, general industry and banking sectors.
Moldova is an important partner for the EIB among Eastern Partners, with the highest EIB lending volume per capita. Since the start of EIB lending in Moldova in 2007 more than EUR 450 million has been provided in long-term loans including support for improved roads and public transport, water, energy and agriculture.