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EBRD extends €20 million loan to Mobiasbanca

The EBRD is supporting the growth of the private sector, including small and medium-sized enterprises, in Moldova, with a new loan of up to €20 million equivalent to Mobiasbanca - Groupe Societe Generale S.A.

The proceeds of the loan will be used to provide medium and long-term financing to private Moldovan companies, including SMEs. Sub-loans will be below the equivalent of €2 million.

Mobiasbanca, one of Moldova's leading private banks and a partner of the EBRD since 1996, is focusing its efforts on the country's SME sector and other medium private companies, which are still finding access to long-term financing difficult. This is generally regarded as one of the main obstacles for the sector's growth and for the diversification of the country's economy.

Nick Tesseyman, EBRD Business Group Director Financial Institutions, said the new loan will be especially welcome under current global financial conditions. Long-term financing, already difficult to obtain in Moldova in less turbulent times, has now become even harder to find. Especially now, the EBRD is playing a significant role in supporting the growth of the local banking and enterprise sectors, he said.

Jean-Francois Myard, President of Mobiasbanca - Groupe Societe Generale S.A, added: "The long standing co-operation with the EBRD has been highly valuable for us and will be continued in the context of Mobiasbanca's new strategic approach for the Moldovan private sector. The SME sector is the cornerstone for Moldova's transition to a full market economy."

Mobiasbanca is the fifth largest commercial bank in Moldova in terms of assets and fourth in terms of lending activity and part of Group Societe Generale. It holds a full banking licence and offers a wide range of banking products and services. The bank aims to keep its position and increase its market share in Moldova especially through focusing on the local SME sector where strong demand for its services exists.

The EBRD has seen a significant increase in its business volume in Moldova in 2008 with projects worth €77 million signed this year so far and a strong pipeline for the near future. Among the Bank's investments were projects in infrastructure, the corporate sector and financial institutions.

tags: Mobiasbanca | EBRD

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