EBRD and EU increase support for small businesses in Moldova

The European Bank for Reconstruction and Development (EBRD) is providing a €15 million loan to ProCredit Bank to support micro, small and medium-sized enterprises (MSMEs) in Moldova. The new financing, supported by European Union (EU) funds, will help companies to become more competitive and seize new export opportunities.

The financial package will allow businesses to invest in the modernisation of their equipment and production processes to EU standards in product quality, health and safety measures and environmental preservation. The support comes at a crucial time, with the coronavirus pandemic having a severe impact on local businesses and limited access to finance available.

The support is part of the EU4Business-EBRD credit line, for which the EBRD provides finance to MSMEs through partner financial institutions, while the EU makes additional funds available to identify, verify and promote the most suitable equipment as well as incentive payments to MSMEs following the successful completion of upgrades.

Ensuring high product standards allows companies to become more export-oriented and trade their goods widely, while also making them more competitive on the local market. At the same time, consumers across the country benefit from such improvements when purchasing these products.

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