BSTDB Increases Access to Finance for Moldovan MSMEs

Press Release | 23-Dec-2021

Financing to help small businesses recover from coronavirus slowdown

The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 4 million loan to Prime Capital in Moldova. The BSTDB financing will enable Prime Capital to increase the much-needed funding for micro- and small businesses (MSMEs) and back their growing financing needs during the economic downturn due to COVID-19 pandemic.

Dmitry Pankin, BSTDB President said: “SMEs have been hit hard by the Covid-19 crisis and still remain underserved by the banking and financial sector in the country. We are therefore glad to partner with Prime Capital and hope that our funds will not only help businesses in Moldova mitigate the coronavirus-related disruptions, but also sustain performance and grow further”.    

Carmina Vicol, CEO of Prime Capital mentioned: “Prime Capital’s focus is to serve MSMEs clients, including those from rural area. Our collaboration with BSTDB is very valuable for us, because it is aligned with our strategy and we are sure it will contribute to the enhancing financial inclusion of micro and SME businesses.”

OCN Prime Capital SRL is a wholly owned limited liability non-banking financial institution specialized in residential mortgage and micro and SME lending, registered and operating in the Republic of Moldova since 2006. As of end June 2021, Prime Capital reported total assets of USD 17.1 million and total equity of USD 13.3 million. Prime Capital ranks 10 largest microfinance company in Moldova by assets (out of 145 non-bank financial institutions). 

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A” by Standard and Poor’s, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
 

Contact:
Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax