EBRD and Italy Fortify Support for Moldovan Businesses

The European Bank for Reconstruction and Development (EBRD) in partnership with Italy, is enhancing its assistance to micro, small, and medium-sized enterprises (MSMEs) in Moldova.

Aiding MSMEs and emerging start-ups, the Bank will utilise Italy’s €500,000 contribution through the Central European Initiative (CEI). This funding aims to accelerate digitalisation, open up financing avenues, and bolster competitiveness among Moldovan enterprises.

Particularly benefiting from this initiative are small businesses, including those led by young entrepreneurs and innovative start-ups. They will receive specialised advisory services, expertise, and training, along with financial access. This support is designed to navigate prevailing challenges and reinforce their economic fortitude. Furthermore, Italy's funding will facilitate the introduction of the EBRD's Star Venture programme, a key initiative focused on scaling high-tech start-ups through mentorship, consultancy, and financial access.

Moldova's private sector, predominantly comprised of MSMEs, has confronted numerous challenges in the wake of the Ukraine conflict, such as logistical and supply chain disruptions, further intensified by the Covid-19 pandemic. Moreover, SMEs often disproportionately suffer from cybersecurity threats due to limited protective resources. The EBRD’s Advice for Small Businesses programme will provide crucial assistance in digitalisation and cybersecurity preparedness.

This new scheme aligns with the EBRD's latest Country Strategy for Moldova (2023-28), aiming to nurture a competitive, inclusive, and well-governed private sector that fosters innovation and entrepreneurship.

Catarina Bjorlin Hansen, the EBRD’s Regional Director for Moldova, commented: “Our collaboration with Italy, via the CEI, underscores the pivotal role of MSMEs and start-ups in driving sustainable economic progress. We're excited to initiate this joint effort, empowering promising businesses and nascent ventures with essential skills to enhance their innovation and establish resilient, prosperous enterprises.”

Lorenzo Tomassoni, Italian Ambassador to Moldova, remarked: “The CEI Fund at the EBRD, backed by Italy’s Ministry of Foreign Affairs and International Cooperation, is a cornerstone of the strategic alliance between Rome and Chisinau. It’s focused on bolstering Moldovan SMEs and start-ups, aiding their entrepreneurial journey, particularly in light of Moldova’s progress towards EU accession.”

As Moldova's principal institutional investor, the EBRD has committed over €2 billion across 170 projects in various sectors including finance, agribusiness, energy, infrastructure, and manufacturing since its inception in the country.