BAKU, Azerbaijan, September 27. The European Investment Bank (EIB) and the European Investment Fund (EIF), together forming the EIB Group, have signed two guarantee agreements with ProCredit Bank S.A. (Moldova) and Victoriabank S.A. to expand access to finance for small and medium-sized enterprises (SMEs) in Moldova, Trend reports.
Backed by the EU4Business Guarantee Facility and funded by the European Union, the initiative is expected to mobilise more than 77 million euros in new financing. Nearly 1,000 businesses across Moldova will gain access to loans on more favourable terms, including reduced financing costs and lower collateral requirements.
“Today’s agreements send a clear signal of the EIB Group’s strong commitment to Moldova’s private sector,” said EIB Vice-President Teresa Czerwińska. “SMEs are the backbone of the economy, and these EU-backed guarantees will give hundreds of Moldovan companies easier access to finance, helping them invest, grow, and create new jobs.”
EU Ambassador to Moldova Iwona Piórko noted that SMEs are a key driver of innovation and growth. “The new local financing facilitated through the EU4Business Guarantee Facility programme is expected to help Moldovan SMEs to benefit from unprecedented opportunities stemming from the EU accession process of the Republic of Moldova and by access to the Union single market,” she said.
The agreements with ProCredit Bank and Victoriabank will support entrepreneurs in sectors including manufacturing, agriculture, and trade, strengthening economic resilience and job creation.
ProCredit Bank Chairperson Irina Coroi-Jovmir underlined the importance of the guarantee for businesses lacking collateral: “Clients incur no additional costs as we cover the guarantee costs. This benefits both the bank and clients, enabling new projects and comprehensive support.”
Victoriabank CEO Levon Khanikyan added that the agreement would help accelerate SME growth: “With this EU-backed guarantee, Victoriabank will offer flexible credit solutions tailored to each business, enabling entrepreneurs to invest in equipment, expand their operations and seize new opportunities.”