Published: November 29, 2010
EU’s bank makes debut SME Eastern Partnership loan.
The European Investment Bank (EIB), the EU’s bank, has loaned €20mn to Mobiasbanca, Société Générale's commercial bank subsidiary in Moldova.
The agreement is EIB’s first under the SME Eastern Partnership Initiative, which was launched in May last year to support smaller businesses during the downturn.
The funds will also be invested by Mobiasbanca to support mid-sized corporates and municipalities involved in energy efficiency and environmental projects.
Although this is the EIB’s first loan under this initiative it is the bank’s sixth agreement since it started operations in Moldova four years ago. Its total investment in the country currently stands at €235mn.