Up to EUR 15 million to the benefit of innovative businesses in Moldova as EIF and Mobiasbancă sign InnovFin transaction

The European Investment Fund (EIF) and Mobiasbancă – Groupe Société Générale have signed an InnovFin SME Guarantee agreement for innovative Moldovan SMEs and small mid-caps. The InnovFin SME Guarantee agreement will enable Mobiasbancă to provide loans and leases at preferential terms to innovative businesses in Moldova over the next two years with the support of a guarantee provided by EIF and backed under Horizon 2020, the EU Framework Programme for Research and Innovation. This EU support for innovative Moldovan companies is expected to generate a portfolio of up to EUR 15 million of new loans and leases.

EIF Chief Executive, Pier Luigi Gilibert, commented: “As one of the major financial institutions in the country, Mobiasbancă is very well placed to reach out to those SMEs that are in need of additional financing. Thanks to today’s agreement, Mobiasbancă will be able to provide loans and leases on favourable terms and EIF will be expanding its already existing support to small businesses in Eastern Europe, thus contributing to the creation of jobs and growth in Moldova.”

Commenting on the signature, Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Moldavian companies can now benefit from EU-guaranteed loans to boost their research and innovation potential. The deal signed today will support Moldova’s economy, and it is a testimony to the productive relationship between the EU and Moldova under Horizon 2020, the EU's research funding programme.”

Ridha Tekaia, President of Mobiasbancă’s Management Board and Mobiasbancă’s CEO, said: “Our main mission is to provide our clients the most competitive business development solutions. Joining the InnovFin Facility backed by the European Investment Fund adds value for local companies in accessing their financing resources with additional guarantees on preferential conditions. Also, we are open for supporting innovative projects and investments in technologies, predominantly those developed by entrepreneurs.”

The aim of the InnovFin SME Guarantee agreement is to encourage banks or other financial institutions to lend to SMEs and small mid-caps (up to 499 employees) in need of investment and/or operating capital to finance research, development and innovation activities, with EU financial support. Financial institutions are being selected by EIF following a call for expression of interest for financial intermediaries across Europe.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About Mobiasbancă

BC “Mobiasbancă – Groupe Société Générale” S.A., part of one of the most important financial groups in Europe, is one of the most transparent, financially stable and reliable banks on the Moldovan market, offering innovative financial services that meet international standards. The extensive network units provide to customers the accessibility to the bank’s products and a personalized approach in development projects.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25 000 and EUR 7.5 million in order to improve access to loan finance for innovative SMEs and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF: David Yormesor

Tel.: + 352 24 85 81 346, e-mail: d.yormesor@eif.org

European Commission: Joseph Waldstein

Tel.: + 32 (0)2 29 56 184, e-mail: joseph.waldstein@ec.europa.eu