EBRD Managing Director for Ukraine and Moldova Arvid Turkner and maib Chairman of the Board Giorgi Shagidze signed an agreement on increased guarantees in the presence of the new Head of the EBRD Representative Office in Moldova Giuseppe Grimaldi and his predecessor Katarina Bjorlin Hansen, who is taking up a new post in Iraq.
The loan allows the EBRD to share maib risks with local businesses through unfunded risk sharing. The risk sharing structure enhances the ability of partner banks to provide companies, mainly MSMEs in Moldova, with access to finance by enabling these financial institutions to channel excess liquidity into new lending using their own funds.
MSMEs play a key role in the sustainable growth of the Moldovan economy, accounting for more than 98% of all business in the country and employing 60% of those employed in the economy.
“We are pleased to partner with maib to help the bank build on the success achieved through this program. And it will also expand the capacity of Moldovan banks to support, first of all, small businesses, which are the backbone of the national economy,” Arvid Türkner said.
“As the country’s leading bank, we are committed to supporting small and medium-sized businesses. At maib, we are convinced that MSMEs are the real engine of Moldova’s growth: they create jobs, improve products and services, and innovate. That is why we are focused on expanding our financing, helping entrepreneurs to open new opportunities and build a stronger and more sustainable Moldova. We are pleased and grateful to the EBRD for supporting our vision,” said Giorgi Shagidze.
