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EBRD and Swiss-American Micro-Enterprise Programme target Moldova's micro-business sector
Moldova's fledgling entrepreneurs will have greater access to financial support once a new funding programme, sponsored by the Swiss and American Governments with the European Bank for Reconstruction and Development (EBRD), gets off the ground this month. The Swiss-American Micro-Enterprise Programme is to lend US$ 5 million (ECU 3.9 million) to a number of Moldovan banks which will provide credits of up to US$ 20,000 in foreign and local currency to individual businesses.
Agreements establishing the programme were signed today in Chisinau at the inauguration of the EBRD's Resident Office in Moldova. "This programme builds on the EBRD's successful micro-lending experience in other countries," said Josué Tanaka, Director of the EBRD's Moldova team. "The structure was adapted to reflect the requirements in Moldova and we hope to have the first disbursements by the beginning of 1997."
Anne Bauty, Switzerland's Chargé d'Affaires, commented: "In terms of job creation and income generation, micro-businesses have long been recognised as a fundamental component in any market economy. This programme will provide Moldova's burgeoning sector with secure access to bank finance and micro credit."
An intensive technical assistance programme aimed at training selected Moldovan banks in credit techniques will be instituted in parallel with the lending programme. Commenting on this aspect, Michael Gfoeller, Deputy Chief of Mission of the US Embassy in Moldova, added: "This is one of the most important aspects of the programme and should ensure that Moldovan banks will have the credit skills and structure to provide micro-businesses with permanent access to bank finance."
Three Moldovan banks - Mobias Bank, Moldagroindbank and Victoria Bank - are participating in the programme, having been selected on the basis of their track record. Speaking on their behalf, Natalia Vrabie, the chairperson of Moldagroindbank, said: "This is an important signal for the participant banks as it reflects an increasing confidence in the Moldovan economy and in the local financial sector. The banks will not only benefit from training in credit analysis, but will also be able to build relationships with a new, dynamic and profitable customer base."
Of the US$ 5 million, the EBRD is lending US$ 3.4 million and the Swiss Government is contributing US$ 1.6 million. US$ 1.2 million of technical assistance is being provided by the US and Swiss Governments.
Micro-businesses employ 20 people or less and according to official statistics available, approximately 35,000 are already registered in Moldova.
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