26 July 2023
Victoriabank secures new €5 million EBRD funding for SMEs

Victoriabank and the European Bank for Reconstruction and Development strengthen their partnership with a new €5 million loan agreement under the "EU4Business - EBRD Credit Line" program. The financing agreement was signed by Victoriabank CEO Levon Khanikyan, bank Vice-President Vitalie Corniciuc and EBRD President Odile Renaud-Basso, who was on a working visit to Chisinau. The EU ambassador to the Republic of Moldova, Jānis Mažeiks, also participated in the event.

This financing will enable the bank to support small and medium-sized enterprises in Moldova in their efforts to upgrade technologies and equipment to European Union standards. In addition, upon completion of the projects, the eligible SMEs with receive up to 15% cashback of the investment costs, funded by the EU. Victoriabank has been a financial partner of the program since 2019, and so far many companies have benefited from the grants.

"Victoriabank thanks the EBRD and the European Union for their confidence in the implementation of the "EU4Business - EBRD Credit Line" program. We are glad to be able to provide support to SMEs that invest in improving production processes and services, thus becoming more competitive. We have successfully implemented the first two phases of the program and we are determined to remain the reliable partner of small and medium-sized enterprises in the country. In this way, Victoriabank contributes to the stimulation of the national economy and the creation of a favorable and sustainable business environment in the Republic of Moldova.", said Levon Khanikyan, CEO of Victoriabank.

The "EU4Business - EBRD Credit Line" program contributes to the creation of a favorable environment for SMEs, providing them with access to financial resources essential for enhancing their competitiveness on the domestic and foreign markets. Entrepreneurs will be able to invest in modern equipment and capacity building as well as safety measures to improve product quality and environmental practices, as at least 70% of the loan is expected to finance green technologies.

The EBRD is the leading institutional investor in Moldova. Since the start of its operations in the country, the Bank has invested more than €2 billion in 166 projects in Moldova’s financial, agribusiness, energy, infrastructure and manufacturing sectors.

Victoriabank is the third largest bank in the Republic of Moldova, with assets of over 20 billion lei. It has over 300,000 active clients, 70 units and 1,100 employees. Victoriabank's largest shareholders are Banca Transilvania and the European Bank for Reconstruction and Development.