EBRD Extends 5mln Euro Loan to Moldova's Mobiasbanca - OTP Group to Support SMEs
Moldova, July, 30 2020 -
The loan is granted under the EU4BUSINESS EBRD Credit Line, which supports Moldovan companies to boost production locally and trade more successfully on the European market.
The European Bank for Reconstruction and Development (EBRD) said on Thursday it is extending a 5 million euro ($5.88 million) loan to Moldova's Mobiasbanca - OTP Group in support of investments in small and medium enterprises (SMEs).
The loan is granted under the EU4BUSINESS EBRD Credit Line, within the Deep and Comprehensive Free Trade Area (DCFTA) Programme, EBRD said in a press release.
The financing programme supports Moldovan companies to boost production locally and trade more successfully on the European market.
By investing in better equipment and meeting EU standards, the companies are able to improve the working conditions of their employees, environmental sustainability and offer goods and services of better quality at home and abroad, the EBRD said.
"Access to finance is critical for business growth, and it becomes even more important today as we stand ready to help companies weather the economic impact of the global coronavirus pandemic," EBRD head of Moldova Angela Sax said.
The new loan to Mobiasbanca complements two previous ones of 10 million euro and 20 million euro since the launch of the programme back in 2016.
To date, the EU4Business-EBRD credit line has provided more than 65 million euro to five local partner banks for on-lending with over 230 businesses already benefiting from the programme.
Mobiasbanca is a 98.3%-owned subsidiary of Hungary's OTP Bank Nyrt. Through 53 branches across the country, the bank offers full range of services to its growing client base, comprised of over 160,000 individuals, 8,000 corporates and MSMEs.