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IFC Investment in Moldova Agroindbank Enables More Small Business Lending


In Washington, D.C.:
Julie Ziegler

Phone:  (202) 473 0128
E-mail:
JZiegler@ifc.org

In Belgrade:
Slobodan Brkic

Tel: +381 11 3023 750
E-mail:
SBrkic@ifc.org  


Chisinau, Moldova, August 12, 2010—IFC, a member of the World Bank Group, is providing a $15 million loan to Moldova Agroindbank, in support of the bank’s efforts to help more of the country’s small and medium businesses access the financing they need to grow.

The bank also has joined IFC Global Trade Finance Program, which will enable the provision of expanded trade finance for its clients, and connect it to a wider international network of financial institutions.  

“We are pleased to begin our partnership with IFC with these two projects,” said Natalia Vrabie, President of Management Board of MAIB. “With IFC’s loan, we can increase our support to small and medium enterprises, confirming our commitment to them. In addition, joining IFC’s Global Trade Finance Program will help us provide trade solutions to our clients and increase their access to new markets around the world,” she said.

The $3 billion IFC Global Trade Finance Program supports trade into and between emerging markets, helping developing countries increase their share of global trade flows. The program extends the capacity of banks to deliver trade finance services in challenging markets where interbank facilities may be limited and promotes the movement of goods and services between major emerging market economies.

Said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe,  “Working with Moldova Agroindbank and our other valued partners, IFC supports sustainable private sector development by strengthening the financial sector, expanding support to businesses to mitigate the effects of the global financial crisis, and developing key sectors, including health and agribusiness.”
 
Today’s announcements coincide with a visit to Moldova by World Bank Group President Robert B. Zoellick.  During meetings with IFC clients, he discussed the challenges and constraints to private sector development and ways in which the World Bank Group can support economic growth and diversification.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org.


About Moldova Agroindbank
Moldova Agroindbank (MAIB) is the leading bank in Moldova and offers a wide range of banking services with a nationwide presence. As of December 31, 2009, the bank’s network included 75 branches and 24 representative offices, with national market share of 19.5 percent by total assets, 19.3 percent  by total loans and 20 percent  by total deposits. MAIB provides services to large corporations, micro-, small-, and medium-sized businesses  and retail customers. For more information, visit www.maib.md