The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Moldova for 2017-2022. EBRD will provide financial assistance for restructuring the banking sector, enhancing energy security, supporting private firms and promoting commercialisation of public utilities and better infrastructure.
“The new strategy gives a fresh impetus to our engagement in Moldova. Our focus is on the establishment of a sound, transparent and modern financial sector that works for the people and the companies of Moldova,” Head of the EBRD’s office in Chisinau Dimitri Gvindadze said.
The EBRD, together with International Monetary Fund, European Union and other key partners, will continue efforts aimed at rehabilitation of the banking sector. It will continue lending to its partner banks in Moldova to make finance available for Moldovan businesses. The EBRD will also work with strong strategic investors to restore transparency and corporate governance in the sector.
The EBRD will finance projects that promote greater domestic and cross-border interconnectivity in the energy sector. It will support the development of infrastructure for a wholesale electricity market and will fund opportunities in the renewables sector. The Bank will also conduct a comprehensive policy dialogue on reforms in the energy sector.
According to the press release, the EBRD will continue lending to Moldovan companies, to help them compete in the EU market. It will directly finance companies with viable business models, including export-driven foreign investors operating in free economic zones.
The EBRD is the leading investor in Moldova. To date, the Bank has invested over €1 billion in various sectors: infrastructure, energy, banking, industry, commerce and agriculture.
