The European Bank for Reconstruction and Development (EBRD) and Italy are strengthening their support for micro, small, and medium-sized enterprises (MSMEs) in the Republic of Moldova. As reported by the EBRD press service to “INFOTAG,” the new initiative will support businesses in transitioning to digital technologies.
The EBRD Star Venture program supports startups. The bank utilizes Italian financial support of 500,000 euros to help MSMEs and startups accelerate their digitalization and enhance their competitiveness.
EBRD notes that the private sector of the Moldovan economy is predominantly represented by MSMEs, which have faced a series of challenges since the beginning of the war in Ukraine, including difficulties in transportation, logistics, and supply chains.
The bank emphasizes that the initiative aligns with the EBRD’s strategy for Moldova for the years 2023-2028. The goal of the bank is to assist Moldova in developing its private sector, maintaining competitiveness, and achieving a high level of innovation.
“Our partnership with Italy through the Central European Initiative recognizes the key role of MSMEs and the startup ecosystem in economic growth and development. We are excited to launch this joint initiative, which allows high-potential enterprises and startups to acquire new knowledge to promote innovation and build sustainable and prosperous businesses,” stated Katarina Bjorlin Hansen, Head of the EBRD Representation in Moldova.
Italy’s Ambassador to Moldova, Lorenzo Tomassoni, mentioned that the CEI fund within the EBRD is financed by the Ministry of Foreign Affairs of Italy.
EBRD is the largest institutional investor in Moldova. Its total investment exceeds 2 billion euros, directed towards 164 projects in financial, agri-food, energy, infrastructure, and industrial sectors.