Summary of Proposed Investment
Project Number
21490
Company Name
BC MoldIndConBank SATI
Date SPI Disclosed
Sep 5, 2003
Country
Moldova
Industry
Financial Markets
Projected Board Date
Nov 30, 2003
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI-2 - Limited
Previous Events
Approved : Feb 3, 2004
Signed : Feb 16, 2004
Invested : Mar 5, 2004
Project Description
The project is to provide a second long-term loan of up to $4.0 million to Moldindconbank S.A. (MIB), Moldova’s fourth-largest bank, enabling expansion of lending operations to local small and medium-scale enterprises (SMEs).
MIB is currently the fourth-largest bank in Moldova both by capitalization and by assets, with about 11.0% of total banking system assets (December 2002: MIB total assets of $61.6 million equivalent; gross loan portfolio of $39.4 million equivalent; PAR>30 days, 3.6%; total equity of $10.2 million equivalent). With the exception of IBRD/IDA directed credit lines for agricultural sector lending, and the existing IFC credit line (currently being amortized), short-term deposits are MIB’s main source of funding. IFC can play an important developmental role by providing MIB with additional term resources for on-lending to SMEs, thereby strengthening the bank’s balance sheet and long term financial position.
MIB is currently the fourth-largest bank in Moldova both by capitalization and by assets, with about 11.0% of total banking system assets (December 2002: MIB total assets of $61.6 million equivalent; gross loan portfolio of $39.4 million equivalent; PAR>30 days, 3.6%; total equity of $10.2 million equivalent). With the exception of IBRD/IDA directed credit lines for agricultural sector lending, and the existing IFC credit line (currently being amortized), short-term deposits are MIB’s main source of funding. IFC can play an important developmental role by providing MIB with additional term resources for on-lending to SMEs, thereby strengthening the bank’s balance sheet and long term financial position.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Victor Cibotaru, Director, Management Board
Moldindconbank
Armeneasca 38, Chisinau, Moldova, MD2012
Phone: (373 2) 540 337
Moldindconbank
Armeneasca 38, Chisinau, Moldova, MD2012
Phone: (373 2) 540 337