Maib adopts sustainability strategy and roadmap

Maib adopts ESG strategy and sets a roadmap to its sustainability goals

On Monday 18 December 2023, maib’s Sustainability Committee gathered for the first time to discuss the progress of the Bank’s sustainability initiatives and make decisions on maib’s sustainable development. Earlier this month, maib’s Supervisory Board approved the sustainability strategy and roadmap, which set out its sustainability goals and the path towards them. Maib’s strategy and roadmap, as well as the first sustainability report published in June 2023, were developed with the financial support of the Green for Growth Fund (GGF) under the EU4Energy initiative.


Sustainability growing in importance

European Union leads the global push for sustainable business. Moldova is an EU candidate and the country is expected to harmonize its legislation to the EU standards within the next several years. Some of the key legal requirements adopted in Europe are:

  • Mandatory inclusion of climate risk in the banks’ risk management framework, required by the European Central Bank;
  • Corporate Sustainability Reporting Directive, an EU-wide reporting requirement, which is compulsory for large companies;
  • Companies outside the EU, but which export into the EU (and operate in one of these six sectors: cement, iron and steel, aluminum, fertilizers, electricity, and hydrogen) are subject to the Carbon Border Adjustment Mechanism (CBAM) where they will have to both report on GHG emissions (2024) and pay for carbon certificates from 2026.
  • Legislation adopted in individual EU countries, which has wide implications internationally, such as Germany’s Supply Chain Act.


Key initiatives on the path to sustainability

Maib’s ESG strategy covers all key areas. Some of the directions and initiatives it includes are:

  • Reduce GHG emissions from own operations;
  • Reduce financed emissions (emissions of loan portfolio companies);
  • Introduce a comprehensive system of sustainability reporting;
  • Achieve a 10% green loans ratio with business/corporate client segments by 2025;
  • Introduce green products in line with market expectations and demand;
  • Evaluate maib’s products to increase financial inclusion;
  • Treat its employees fairly and contribute to their growth and development;
  • Maintain and promote robust corporate governance standards.

Recently maib has launched a renewable energy loan product for small business. In the Corporate segment, it has financed one of the country’s largest solar parks with a 7 MW annual renewable energy generation. To incentivize borrowing for sustainable purposes, the Bank is currently developing an internal green fund, with an allocated sum of MDL 10 million, which will benefit recipients of green products. On top of this maib has taken part in a number of financial inclusion and financial literacy initiatives.


Giorgi Shagidze, maib CEO:

“With our ESG strategy we embarked on a transformative journey towards sustainable banking. This inaugural gathering of the sustainability committee has been a productive one, with our vision taking shape as we look towards the future requirements of the prospective EU membership. Maib’s sustainability strategy is very ambitious, and maib strives to be a domestic leader in this field. I would like to thank our partners GGF and EU4Energy, who helped us formulate the strategy and set up the roadmap.”



Borislav Kostadinov, Fund Director GGF, advised by Finance in Motion, added:

“We are proud to have contributed to maib’s sustainability strategy that shows a strong commitment to a transparent pursuit of banking practices in the interest of both people and planet. I am glad the Bank’s first ever Sustainability Committee coincides with the announcement of the opening of EU membership talks with Moldova. I take this as a harbinger of a greener and more prosperous Moldova, and I look forward to supporting maib’s vital work towards making this a reality in the years to come.”


About maib

Maib is the largest bank in Moldova, with a share of 33.8% of deposits and 38.2% of loans of the entire banking system at the end of 3Q 2023. Maib is a disciplined lender with NPL ratio of 3.1% and is well capitalised with CAR of 23.0% as of 30 September 2023. At the end of 2022, maib’s SME and Corporate combined green loan portfolio totaled at approximately MDL 300 million. The Bank is of systemic importance to the country as it serves almost a third of the population and is the largest private employer in Moldova, with a workforce of over 2,400 people. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States and Horizon Capital, a private investment fund focused on emerging markets.


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