Today maib has signed a subordinated loan agreement with Green for Growth Fund (GGF) for EUR10 million denominated in Moldovan lei. The loan meets the definition of Tier 2 capital enabling maib to strengthen its capital base at a cost below the cost of capital.

The GGF subordinated loan is earmarked for lending in retail, SME and corporate segments to energy efficiency enhancing and small sustainable energy projects.

The agreement follows the signing of a subordinated loan with European Fund for Southeastern Europe (EFSE) for EUR 15 million denominated in Moldovan lei in November.

Giorgi Shagidze, maib CEO, said:

"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."

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 fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors.

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. Maib is widely recognized for its customer service and product innovation. Since 2018, maib’s largest shareholder is HEIM Partners Limited, 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.

Upcoming investor event

June 2022 – maib Investor Day (date to be confirmed)