Chisinau, Moldova, February 9, 2012
—IFC, a member of the World Bank Group, signed an agreement today with Moldova Agroindbank to help it improve its risk management and non-performing loan monitoring systems, enhancing the bank’s operational efficiency and its ability to lend to small and medium enterprises.
IFC’s Banking Advisory Program in Europe and Central Asia will work with the bank, which already has a sound risk management system, to review and strengthen it further to ensure compliance with international best practices. IFC experts will also train bank staff and management to help them implement new risk management tools and systems.
“Our bank is a market leader in terms of providing quick, efficient, and innovative services to small and medium-sized businesses in Moldova,” said Natalia Vrabie, President of the Management Board of Agroindbank. “We look forward to expanding our cooperation with IFC, to implementing IFC’s advice on risks and non-performing loans, as it will help us build a stronger bank despite a difficult economic environment in the region.”
Garth Bedford, IFC Program Manager, said, “Our work with Moldova Agroindbank is a key step towards improving financial risk management in the country’s banking sector on the whole. We have already worked with over 30 banks across Europe and Central Asia, supporting them in their crisis recovery efforts by improving their risk management capacity through increasing knowledge of best practices.”
IFC began working with Moldova Agroindbank in 2010, providing it with a $15 million loan to support its efforts to expand lending to small and medium businesses in the predominantly agricultural country. The bank is also participating in IFC’s Global Trade Finance Program.
Moldova became a member of IFC in 1995. IFC’s portfolio in Moldova stands at $86 million. In Moldova IFC is focusing its investment and advisory services on increasing access to finance by supporting the development of local financial institutions. IFC also aims to attract private sector investors to develop infrastructure and health care facilities.
IFC’s Banking Advisory Program in Europe and Central Asia works in Moldova in partnership with the government of Austria.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About Moldova Agroindbank
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