EBRD ALLOCATES 5 MILLION EUROS FOR MODERNIZING MOLDOVAN SMEs

Small and medium enterprises in Moldova will soon be able to improve products and services to European Union standards, as the European Bank for Reconstruction and Development (EBRD) and the EU are opening new funding opportunities to upgrade firms' operations.

The EBRD is providing a 5 million euro loan to the Chisinau-based subsidiary of Banca Comercială Română, or BCR.

The funds will be available for investments to improve the products of Moldovan companies - both in the production process and for the quality of the end results - so as to strengthen their potential to succeed in the EU market and with EU competitors.

Angela Sax, EBRD Head in Moldova, said: "Moldovan businesses face strong competition both on the EU market but also domestically, where they need to keep pace with foreign companies. Upgrading standards and improving the quality of products and services will help them become more competitive. The EBRD is delighted to continue making funds available to help Moldovan firms raise the bar at home and abroad"

The financing is provided within the EU4Business-EBRD credit line, which the EU is supporting with grants as part of its EU4Business initiative.