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.
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,