OREANDA-NEWS.November 26, 2010. The EIB Director for Eastern Europe Constantin Synadino said at the briefing following the signing ceremony that Mobiasbanca was the first bank in the Eastern Europe to have the credit agreement signed with the EIB.

The European Investment Bank has been working with the Societe Generale group, being a reliable partner, for many years, therefore it is quite logical that it was the bank-member of this group that received the credit from the EIB, said Constantin Synadino. At the same time, this fact should not be considered as distrust to the Moldovan banking system. Instead, it should be considered exclusively as trust to the long-term and reliable partner.

The agreement stipulates that at least 69% of the credit line are intended to support projects of small and medium sized companies for 10 years. It also includes an up to 30% portion for mid-sized corporates and municipalities involved in energy efficiency and environmental initiatives. There is a restriction in terms of financing of companies working on strongly controlled segments of the markets and on segments with overproduction. According to Mobiasbanca President Jean-Francois Myard, credits from this line will be provided at the rates which are considerably lower than the current bank ones as it is possible thanks to very advantageous conditions of the loan provided by the EIB.

He said signing of the agreement emphasizes Mobiasbanca’s aspiration to lend the real economy of the country. According to Jean-Francois Myard, the bank intends to draw all 20 million euros within 2 years. This credit line is the sixth investment made by the EIB in Moldova. Including the current loan, the Bank’s total investments in Moldova now stand at EUR 235 million.