OREANDA-NEWS. February 10, 2014. The Presidents of the EBRD and the EIB made their first ever joint visit to a country of operations this week, holding meetings in Moldova where important reforms are underway to support economic integration with the European Union.

Sir Suma Chakrabarti of the EBRD and Werner Hoyer of the EIB were due to hold discussions with all the major political leaders of the country.

The EBRD visit kicked off witha signing at Mobiasbanca, part of the Societe Generale group. The EBRD sealed an innovative financing agreement that will help bring credits to Moldova’s all-important SME sector.

EBRD relations have been tense with Moldova’s local banks, where lack of transparency in shareholding structures and generally weak corporate governance, compounded by problems in regulation, have restricted its investments.

It was therefore particularly important that on the evening the before Sir Suma’s arrival, the National Bank of Moldova took the key step of stripping the voting rights of shareholders considered to be working illegally in concert at Victoria Bank, in which the EBRD has a stake.

Speaking after a meeting with Prime Minister Iurie Leanca, Sir Suma told Moldovan media the EBRD strongly welcomed the development.

“The National Bank of Moldova has taken a very important and courageous step in the right direction, a step that shows that robust regulation is possible” he said.

It is a very encouraging signal for foreign investors not just in the banking sector but in the wider Moldovan economy, he said. This was an encouraging signal for investors not just in the banking sector but in the wider Moldovan economy.

The EBRD has a strong history of investment in Moldova, with a significant pipeline so that future projects are assured. The EBRD is also the largest single investor in the country.