Chisinau, Moldova, February 9, 2012—IFC,
a member of the World Bank Group, signed an agreement today with Moldova
Agroindbank to help it improve its risk management and non-performing loan
monitoring systems, enhancing the bank’s operational efficiency and its
ability to lend to small and medium enterprises.
IFC’s Banking Advisory Program in Europe and Central Asia will work with
the bank, which already has a sound risk management system, to review and
strengthen it further to ensure compliance with international best practices.
IFC experts will also train bank staff and management to help them implement
new risk management tools and systems.
“Our bank is a market leader in terms of providing quick, efficient, and
innovative services to small and medium-sized businesses in Moldova,”
said Natalia Vrabie, President of the Management Board of Agroindbank.
“We look forward to expanding our cooperation with IFC, to implementing
IFC’s advice on risks and non-performing loans, as it will help us build
a stronger bank despite a difficult economic environment in the region.”
Garth Bedford, IFC Program Manager, said, “Our work with Moldova Agroindbank
is a key step towards improving financial risk management in the country’s
banking sector on the whole. We have already worked with over 30 banks
across Europe and Central Asia, supporting them in their crisis recovery
efforts by improving their risk management capacity through increasing
knowledge of best practices.”
IFC began working with Moldova Agroindbank in 2010, providing it with a
$15 million loan to support its efforts to expand lending to small and
medium businesses in the predominantly agricultural country. The bank is
also participating in IFC’s Global Trade Finance Program.
Moldova became a member of IFC in 1995. IFC’s portfolio in Moldova stands
at $86 million. In Moldova IFC is focusing its investment and advisory
services on increasing access to finance by supporting the development
of local financial institutions. IFC also aims to attract private sector
investors to develop infrastructure and health care facilities.
IFC’s Banking Advisory Program in Europe and Central Asia works in Moldova
in partnership with the government of Austria.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,
About Moldova Agroindbank
For more information, visit http://www.maib.md