Loan to Moldova's MAIB under RLF

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

This project was approved in the context of the Bank's response to the Russian-led invasion of Ukrainian territory in February 2022. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of this deviation, and the Bank's response to this situation, can be found on our website.

Provision of a two-year senior unsecured loan of up to EUR 35 million to MAIB under the Resilience and Livelihoods Framework for on-lending to eligible companies in Moldova directly or indirectly affected by economic consequences of the war in Ukraine.

Project ID 53677

Status Repaying

Location

Moldova

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Irina Bojoga
irina.bojoga@maib.md
https://www.maib.md/

Project ID 53677

Status Repaying

Location

Moldova

Business Sector

Financial Institutions

Notice Type

Private

Approval Date

04 May 2022

Disclosure date

29 Apr 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Loan to Moldova's MAIB under RLF (Romanian) (PDF, 0.72MB)

Project description

Project objectives

The Facility will support Moldovan economy by enhancing MAIB's lending capacity and providing much needed access to finance for Moldovan companies negatively affected by economic consequences of the war in Ukraine through supply-chain disruptions and other shocks, with the ultimate goal of preserving livelihoods in the country.

Transition impact

ETI Score:70

Facility will support the Resilient and Inclusive TI qualities. The Facility aims to strengthen and diversify the client's funding base and facilitate the resilience of MSME and corporate businesses through uninterrupted lending to the economy. The Facility will also support the Inclusive quality by providing much-needed financing to support Moldovan businesses affected by the conflict, aimed at safeguarding their human and organisational capital.

Client information

BC MAIB SA

MAIB is the largest systemic bank in Moldova with total assets of EUR 1.9 billion, total equity of EUR 278 million, loan portfolio of EUR 1 billion as of 31 March 2022, and market share of 33%. MAIB is 41.09% owned by HEIM Partners, a consortium of investors, including EBRD, Horizon and Invalda. Other minority shareholders include management, staff and local companies.

EBRD Finance Summary

EUR 35,000,000.00

Total project cost

EUR 35,000,000.00

Additionality

Response to the war in Ukraine: the Facility is provided in the extraordinary circumstances of the ongoing war in Ukraine, aimed to effectively bridge a financing gap due to adverse market conditions.

Environmental & Social Summary

Categorized FI (ESP 2019).

MAIB is an existing client of the Bank and satisfactorily implemented EBRD's Performance Requirements. MAIB will continue to ensure ongoing compliance with Performance Requirements 2, 4 and 9 and submit Annual Environmental and Social Reports to the Bank, including reporting on sub-projects and their climate change mitigation and climate change adaptation benefits.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Irina Bojoga
irina.bojoga@maib.md
https://www.maib.md/

Implementation summary

PSD last updated

29 Apr 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we invest in changing lives

What we offer for businesses

Search

Loan to Moldova's MAIB under RLF

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

Implementation summary

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)