EBRD and Italy collaborate to boost Moldova’s private sector
Date: 30/11/23
The European Bank for Reconstruction and Development (EBRD) and the Italian government are strengthening their support for micro, small and medium-sized enterprises (MSMEs) in Moldova. The EBRD announced on 21 November 2023 that it will deploy Italy’s contribution of €500,000 through the Central European Initiative (CEI) to help MSMEs and start-ups boost their digitalisation, unlock financing opportunities and enhance their competitiveness.
Small businesses, including youth-led enterprises and innovative start-ups, will benefit from targeted advisory support, expertise, training and access to finance. This support aim to help them address challenges and strengthen their economic resilience. Italy’s contribution will also enable the rollout of the EBRD’s Star Venture programme. This flagship initiative helps innovative and high-tech start-ups scale up their business with consultation, dedicated mentoring and access to financing.
MSMEs make up the majority of Moldova’s private sector. They have faced a number of challenges since the start of Russia’s war of aggression towards Ukraine. Disruptions to transport, logistics and supply chains, already exacerbated by Covid-19, have increased. Cybersecurity attacks pose a threat and tend to disproportionately affect small and medium-sized enterprises (SMEs) that lack the resources and know-how to establish effective safeguards.
The new initiative is aligned with the EBRD’s new Country Strategy for Moldova 2023-28, which commits to helping Moldova build a competitive, inclusive and well governed private sector that empowers innovation and entrepreneurship.
Further information
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 170 projects in Moldova’s financial, agribusiness, energy, infrastructure and manufacturing sectors.
More details about this story are available in the EBRD article.
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