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• The investment is estimated to result in a reduction of greenhouse gas emissions equivalent to removing more than 600 passenger vehicles from the road for a year.

Luxembourg and Chișinău, 20 December 2021 – The Green for Growth Fund (GGF), committed to invest EUR 10 million in Moldovan lei into maib, the country’s largest bank, marking the fund’s first engagement with the Moldova banking sector. The investment is a Basel 3-compliant Tier 2 subordinated loan with a 7-year maturity that aims at helping the bank’s clients increase efficiency and competitiveness, while strengthening the bank’s capital base, enabling it to grow sustainably in a medium to long term perspective. 

The investment will significantly enhance maib’s on-lending capacities to serve retail and business clients, providing them with dedicated financing for energy efficiency (EE) measures across different industries as well as small-scale renewable energy (RE) projects. The investment is estimated to result in high energy savings and CO2 reductions.

GGF Chairman Olaf Zymelka said: “We are particularly pleased to be taking this important first step together with maib as we shift GGF’s green engagement in Moldova into a higher gear. The strength, reach and track record of maib offers optimum preconditions for achieving tangible results on the ground as well as advancing GGF’s local currency agenda in a country that experiences a strong demand for climate change mitigation.”

Maib Chief Executive Officer Giorgi Shagidze added: “The loan with Green for Growth Fund is a testament of maib's lending expertise. I am grateful to GGF for their trust and the opportunity to enhance maib's green credentials, enabling individuals and businesses in Moldova to finance environmentally friendly energy initiatives in local currency. The subordinated loan also helps optimize maib's capital structure and increase returns.”

ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions, and improve resource efficiency in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides such financing directly to renewable energy projects, corporates and municipalities or indirectly via selected financial institutions. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners. 

The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian Development Bank (OeEB). The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, and the German ethical bank GLS. The GGF is advised by Finance in Motion GmbH. MACS Energy & Water GmbH, Frankfurt am Main acts as the technical advisor. 
For more information see www.ggf.lu and follow us on Twitter @GreenGrowthFund 

About maib
Maib is the largest bank in Moldova, accounting for 31.1% of country’s banking assets and 34.2% in loans as of 30 September 2021. The bank provides 25.3% of all mortgage loans extended to Moldovans, serves over 35% of Moldova’s population and is among the largest employers in the country. The bank is well capitalized with Tier 1 Capital ratio of 19.9% as of 30 September 2021.

The bank is widely recognized for its customer service and product innovation. Since 2018, maib’s largest shareholder has been a consortium of investors composed of European Bank for Reconstruction and Development, Invalda INVL, a leading asset management group in the Baltics, and Horizon Capital, an Emerging Europe focused private equity fund manager.

For more information see www.maib.md 

Media contact GGF
Merle Römer
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171 
Email: press@ggf.lu

Media contact maib
Lulia Bogușevschi
Head of Corporate Communications
Phone: +373 22 303 300
Email: Iulia.Bogusevschi@maib.md