Luxembourg and Chisinau, 29 September 2023 – The European Fund for Southeast Europe (EFSE) announces a new partnership in Moldova with Victoriabank, one of the top three banks in the country and a key financier of the local economy. This partnership was confirmed at the today’s signing ceremony in Chisinau.
The fund has committed to provide EUR 15 million for the purpose of financing micro, small and medium enterprises (MSMEs) affected by the economic, social, and security challenges triggered by Russia's act of aggression against Ukraine, prioritizing those operating in crisis-relevant sectors.
This loan investment from EFSE resonates with the pressing needs of MSMEs facing increased costs of doing business, logistics and supply disruptions as well as continued high security and economic uncertainty. Thus, it is expected to contribute towards the achievement of SDG8 (Decent Work & Economic Growth) and SDG9 (Industry Innovation and infrastructure).
EFSE Board Chairperson Dr. Klaus Müller commented, “We are delighted to welcome Victoriabank as our new partner lending institution in Moldova. By joining forces with Victoriabank, we aim to foster economic resilience and development in Moldova, especially in the prevailing adverse conditions. We believe this collaborative effort will strengthen the backbone of Moldova’s economy, allowing it to grow and, just as important, gear up for a sustainable future.”
Mr. Levon Khanikyan, the CEO of Victoriabank, added: "We are honoured to start this partnership with EFSE. The financial support of EUR 15 million comes at a complicated time for the economy of Moldova and will play a significant role in supporting SMEs affected by the current challenges. We look forward to delivering positive results for the business community in the country and thus reiterate the firm commitment of our Bank to contribute to the development of a sustainable and resilient economy."
About EFSE
An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing for this target group. Alongside its investment activities through local partners, EFSE multiplies its impact through the EFSE Development Facility, which provides technical assistance, training, and other nonfinancial support to entrepreneurs and institutions. The fund’s impact management system, through its advisor Finance in Motion, underwent an independent verification by impact auditor BlueMark affirming strong Operating Principles for Impact Management alignment in 2021.
EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors.
Finance in Motion GmbH, Germany, serves as EFSE’s advisor and Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as manager.
For more information on the European Fund for Southeast Europe, please visit: www.efse.lu
For more information on Finance in Motion, please visit: www.finance-in-motion.com
About Victoriabank
Victoriabank is one of the most solid banks in Moldova, with a history that began in 1989. We are an innovative Moldovan brand, associated with the first card, the first ATM, the first mobile application and the first credit for small entrepreneurs. Since 2018, we are part of the largest Financial Group in Romania - Banca Transilvania.
Victoriabank is actively involved in the development of business in the country through the support offered to SMEs thanks to banking products and services designed to help companies become more competitive and take advantage of new export opportunities.
As a leader in banking innovation, we offer customers access to 100% online services, including account opening, KYC updating, loan applications and fast T2A transfers. With a customer base of over 300,000, the Victoriabank network comprises 68 branches and 251 ATMs.
More information about Victoriabank, as well as details about the products and services offered, can be found on the official website.
Media contact EFSE
Louise Daruwalla-Nielsen
Marketing & Communications
Email: press@efse.lu
Phone: +352 691 336 439
Media contact Victoriabank
Mihaela Baciu
PR & Communications
Email: pr@vb.md
Phone:+373 68 289 214
