{"id":240507,"date":"2007-02-12T15:33:00","date_gmt":"2007-02-12T15:33:00","guid":{"rendered":"http:\/\/new.moldova.org\/2007\/02\/12\/francis-delaey-berds-annual-investments-in-moldova-to-increase-to-30-million-euros-per-year-but-it-will-depend-on-actual-demand-29824-eng\/"},"modified":"2007-02-12T15:33:00","modified_gmt":"2007-02-12T15:33:00","slug":"francis-delaey-berds-annual-investments-in-moldova-to-increase-to-30-million-euros-per-year-but-it-will-depend-on-actual-demand-29824-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/francis-delaey-berds-annual-investments-in-moldova-to-increase-to-30-million-euros-per-year-but-it-will-depend-on-actual-demand-29824-eng\/","title":{"rendered":"Francis Delaey: BERD's annual investments in Moldova to increase to 30 million euros per year, but it will depend on actual demand"},"content":{"rendered":"Reading Time: <\/span> 5<\/span> minutes<\/span><\/span>

BASA-press Agency interivew with Francis Delaey, Representative of the European Bank of Reconstruction and Development to Moldova <\/p>\n

BASA-press: An expert team has recently been in Chisinau to develop the Bank’s Assistance Strategy for Moldova in 2007-2009. What stage does the document undergoes now and what will its basic provisions be? What is the difference between this document and the existent cooperation framework between the Republic of Moldova and EBRD? <\/p>\n

Francis Delaey: EBRD is currently preparing its 2007-2009 country strategy for Moldova. The full process takes about five months. It involves different approval stages by EBRD’s management and consultations with the Government, other IFIs and donors. Right now we have just started the process. Early May EBRD will post the full draft strategy on its website with an invitation to the public to comment. Final approval by EBRD’s Board of Directors is expected in June 2007. <\/p>\n

The new country strategy will build on the achievements of the current 2005-2007 country strategy. We do not expect any major departures. Supporting private enterprise and financial institutions will remain EBRD’s number one priority. Having said this, a new IMF programme in 2006 and the subsequent Paris club debt rescheduling has enabled Moldova to resume its sovereign infrastructure financing. In this respect EBRD, in cooperation with other IFIs and donors, looks forward to assist Moldova in financing selected infrastructure projects. <\/p>\n

2. What is your opinion about the implementation of the previous Assistance Strategy? <\/p>\n

The current country strategy expires in June 2007. So far, 18 new projects were signed in the financial and private enterprise sectors for a total amount of 30 million euro. We hope to sign some more projects in the next couple of months. So the final amount is likely to be closer to 40 million euro for approximately 21 projects. In terms of number of projects this is a record for EBRD in Moldova. <\/p>\n

In addition to financial support, EBRD also provided technical assistance funded by approximately 3 million euro grant financing from various donors. Among others, EBRD assisted the Government in drafting a new mortgage law, provided assistance to two banks to set up a micro-finance programme, and provided consultancy services to 21 companies through its Turn Around Management (TAM) and Business Advisory Services (BAS) programmes. <\/p>\n

3. What will the crediting key spheres be in 2007 and in the period to follow? Can we already speak of a specific number of projects, the spheres they will be implemented in, and the crediting volume? <\/p>\n

Our main priority for 2007 will remain supporting private enterprise and financial institutions, but we are looking to expand to new sectors such as telecoms and property and providing new financial instruments such as mortgage credit lines. We would also like to resume infrastructure lending. Discussions are currently ongoing between the Government and the World Bank, the European Investment Bank and EBRD to finance Moldova’s road rehabilitation programme. Discussions are going well and will hopefully be finalised in the first half of this year. We currently estimate to invest 30 million euro per year but this can be more or less depending on actual demand. <\/p>\n

4. EBRD experts said the Bank’s projects in the Moldovan banking sphere were successful. What can be expected in this direction of cooperation in the future? <\/p>\n

EBRD will continue to provide its local partner banks with access to credit lines, its Trade Facilitation Programme (TFP) as well as its Medium-sized Co-financing Facility (MCFF). We would also like to develop new products like leasing and mortgage financing and extend our cooperation to other banks that meet our transparency and corporate governance requirements. <\/p>\n

5. A potential leasing and mortgage funding project was mentioned earlier. Are they undergoing a phase of intentions or talks are already being held over them? What would be the mortgage crediting terms and conditions? <\/p>\n

We hope to do at least one leasing and one mortgage project in 2007. Currently we don’t have any concrete projects but we have had some preliminary discussions with a number of potential partners. The terms and conditions will be subject to negotiations, but typically the mortgage loans would have a maturity of 10 years. <\/p>\n

6. Earlier, the EBRD provided financing for a series of infrastructure projects. However, this assistance has been reducing over the recent years. What determined this? Is it true that financing in this direction was limited due to the assumed loans that had not been reimbursed in time? As, for instance, is the one related to Apa-Canal activity. Will you return to infrastructure projects? <\/p>\n

Since 2001, EBRD has not financed any infrastructure projects in Moldova. The reason for this was the lack of interest from investors for infrastructure projects, absence of creditworthy utility operators, and the limited debt capacity of the Moldovan government. The new IMF programme in 2006 and the subsequent Paris club debt rescheduling allow Moldova to take on new debt and enable EBRD to resume its sovereign infrastructure financing. As mentioned already, EBRD – together with the World Bank and the European Investment Bank – is currently discussing Moldova’s road rehabilitation programme with the Government. <\/p>\n

The financial problems encountered by Apa-Canal and Termocom are a separate issue. The reluctance to increase tariffs to cost recovery level put these companies under financial strain. Low tariffs undermined the sustainability of their operations and made further investments in the municipal infrastructure sector unattractive. For that reason, EBRD stated it would only resume its investments in the municipal sector, once the tariffs have been increased. Now that tariffs have been increased, EBRD is willing to resume its municipal infrastructure lending provided sufficient grant financing can be found to address affordability constraints and IMF’s concessionality requirements.. <\/p>\n

7. Given that many creditors provide preferential loans to Moldova, does EBRD intend to be more "indulgent" in terms of crediting conditions? <\/p>\n

Unlike some other IFIs, EBRD’s mandate does not allow it to provide "soft" loans (i.e. non- commercial loans with low interest rates and long maturities). This can be an issue in public infrastructure projects, particularly when a country has affordability constraints and IMF concessionality requirements. To address this EBRD works with other IFIs and attracts grant co- financing from donors to offer a blended financial package with "soft" terms and conditions. <\/p>\n

8. Is the small and medium-sized enterprise sector reflected in EBRD’s crediting plans? <\/p>\n

Small and medium-sized enterprises (SMEs) are the backbone of Moldova’s economy and supporting their development is one of EBRD’s main objectives. EBRD works closely with local banks and micro-finance institutions to provide financing to micro, small and medium-sized enterprises. In addition EBRD has developed a number of new products which allow us to do smaller projects more efficiently. Finally, EBRD also provides non-financial support to private enterprises through its Turn Around Management (TAM) and Business Advisory Services (BAS) programmes. <\/p>\n

9. What are EBRD’s predictions about Moldova’s economic growth and inflation in 2007? To what extent do you think will direct foreign investments develop in the Republic of Moldova in 2007? <\/p>\n

We expect the economy to rebound slightly, following the shock in 2006. The resumption of wine exports to Russia, while delayed for the moment, should provide temporary relief for the sector. Further expansion in the services and construction sectors are expected, largely driven by remittances. EBRD expects the Moldovan economy to grow at 5 per cent in 2007. <\/p>\n

We also expect foreign direct investment to increase in 2007. The presence of strategic investors in the banking sector, a growing retail market and a booming construction sector will continue to attract foreign investment in the course of the year. However, in order to increase foreign direct investment in the long run, the country will need to pursue its structural reforms to consolidate the conditions for long-term growth. <\/p>\n

10. What are the likely key risks for Moldova’s economy this year? <\/p>\n

In the short run the resumption of the wine export to Russia is a potential risk factor. If the resumption is more problematic than expected, it could further weaken the wine sector. In the medium term, Moldova’s dependence on agribusiness as well as its excessive reliance on CIS markets (in particular Russia) increase the economy’s vulnerability to adverse shocks. In order to address this, the Government should continue to promote economic diversification both in terms of production base and export markets. In addition, Moldova’s reliance on imported energy resources should make energy efficiency and renewables a medium-term objective. \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 5<\/span> minutes<\/span><\/span>Francis Delaey: BERD’s annual investments in Moldova to increase to 30 million euros per year, but it will depend on actual demand<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-240507","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 5<\/span> minutes<\/span><\/span>

BASA-press Agency interivew with Francis Delaey, Representative of the European Bank of Reconstruction and Development to Moldova <\/p>\n

BASA-press: An expert team has recently been in Chisinau to develop the Bank’s Assistance Strategy for Moldova in 2007-2009. What stage does the document undergoes now and what will its basic provisions be? What is the difference between this document and the existent cooperation framework between the Republic of Moldova and EBRD? <\/p>\n

Francis Delaey: EBRD is currently preparing its 2007-2009 country strategy for Moldova. The full process takes about five months. It involves different approval stages by EBRD’s management and consultations with the Government, other IFIs and donors. Right now we have just started the process. Early May EBRD will post the full draft strategy on its website with an invitation to the public to comment. Final approval by EBRD’s Board of Directors is expected in June 2007. <\/p>\n

The new country strategy will build on the achievements of the current 2005-2007 country strategy. We do not expect any major departures. Supporting private enterprise and financial institutions will remain EBRD’s number one priority. Having said this, a new IMF programme in 2006 and the subsequent Paris club debt rescheduling has enabled Moldova to resume its sovereign infrastructure financing. In this respect EBRD, in cooperation with other IFIs and donors, looks forward to assist Moldova in financing selected infrastructure projects. <\/p>\n

2. What is your opinion about the implementation of the previous Assistance Strategy? <\/p>\n

The current country strategy expires in June 2007. So far, 18 new projects were signed in the financial and private enterprise sectors for a total amount of 30 million euro. We hope to sign some more projects in the next couple of months. So the final amount is likely to be closer to 40 million euro for approximately 21 projects. In terms of number of projects this is a record for EBRD in Moldova. <\/p>\n

In addition to financial support, EBRD also provided technical assistance funded by approximately 3 million euro grant financing from various donors. Among others, EBRD assisted the Government in drafting a new mortgage law, provided assistance to two banks to set up a micro-finance programme, and provided consultancy services to 21 companies through its Turn Around Management (TAM) and Business Advisory Services (BAS) programmes. <\/p>\n

3. What will the crediting key spheres be in 2007 and in the period to follow? Can we already speak of a specific number of projects, the spheres they will be implemented in, and the crediting volume? <\/p>\n

Our main priority for 2007 will remain supporting private enterprise and financial institutions, but we are looking to expand to new sectors such as telecoms and property and providing new financial instruments such as mortgage credit lines. We would also like to resume infrastructure lending. Discussions are currently ongoing between the Government and the World Bank, the European Investment Bank and EBRD to finance Moldova’s road rehabilitation programme. Discussions are going well and will hopefully be finalised in the first half of this year. We currently estimate to invest 30 million euro per year but this can be more or less depending on actual demand. <\/p>\n

4. EBRD experts said the Bank’s projects in the Moldovan banking sphere were successful. What can be expected in this direction of cooperation in the future? <\/p>\n

EBRD will continue to provide its local partner banks with access to credit lines, its Trade Facilitation Programme (TFP) as well as its Medium-sized Co-financing Facility (MCFF). We would also like to develop new products like leasing and mortgage financing and extend our cooperation to other banks that meet our transparency and corporate governance requirements. <\/p>\n

5. A potential leasing and mortgage funding project was mentioned earlier. Are they undergoing a phase of intentions or talks are already being held over them? What would be the mortgage crediting terms and conditions? <\/p>\n

We hope to do at least one leasing and one mortgage project in 2007. Currently we don’t have any concrete projects but we have had some preliminary discussions with a number of potential partners. The terms and conditions will be subject to negotiations, but typically the mortgage loans would have a maturity of 10 years. <\/p>\n

6. Earlier, the EBRD provided financing for a series of infrastructure projects. However, this assistance has been reducing over the recent years. What determined this? Is it true that financing in this direction was limited due to the assumed loans that had not been reimbursed in time? As, for instance, is the one related to Apa-Canal activity. Will you return to infrastructure projects? <\/p>\n

Since 2001, EBRD has not financed any infrastructure projects in Moldova. The reason for this was the lack of interest from investors for infrastructure projects, absence of creditworthy utility operators, and the limited debt capacity of the Moldovan government. The new IMF programme in 2006 and the subsequent Paris club debt rescheduling allow Moldova to take on new debt and enable EBRD to resume its sovereign infrastructure financing. As mentioned already, EBRD – together with the World Bank and the European Investment Bank – is currently discussing Moldova’s road rehabilitation programme with the Government. <\/p>\n

The financial problems encountered by Apa-Canal and Termocom are a separate issue. The reluctance to increase tariffs to cost recovery level put these companies under financial strain. Low tariffs undermined the sustainability of their operations and made further investments in the municipal infrastructure sector unattractive. For that reason, EBRD stated it would only resume its investments in the municipal sector, once the tariffs have been increased. Now that tariffs have been increased, EBRD is willing to resume its municipal infrastructure lending provided sufficient grant financing can be found to address affordability constraints and IMF’s concessionality requirements.. <\/p>\n

7. Given that many creditors provide preferential loans to Moldova, does EBRD intend to be more "indulgent" in terms of crediting conditions? <\/p>\n

Unlike some other IFIs, EBRD’s mandate does not allow it to provide "soft" loans (i.e. non- commercial loans with low interest rates and long maturities). This can be an issue in public infrastructure projects, particularly when a country has affordability constraints and IMF concessionality requirements. To address this EBRD works with other IFIs and attracts grant co- financing from donors to offer a blended financial package with "soft" terms and conditions. <\/p>\n

8. Is the small and medium-sized enterprise sector reflected in EBRD’s crediting plans? <\/p>\n

Small and medium-sized enterprises (SMEs) are the backbone of Moldova’s economy and supporting their development is one of EBRD’s main objectives. EBRD works closely with local banks and micro-finance institutions to provide financing to micro, small and medium-sized enterprises. In addition EBRD has developed a number of new products which allow us to do smaller projects more efficiently. Finally, EBRD also provides non-financial support to private enterprises through its Turn Around Management (TAM) and Business Advisory Services (BAS) programmes. <\/p>\n

9. What are EBRD’s predictions about Moldova’s economic growth and inflation in 2007? To what extent do you think will direct foreign investments develop in the Republic of Moldova in 2007? <\/p>\n

We expect the economy to rebound slightly, following the shock in 2006. The resumption of wine exports to Russia, while delayed for the moment, should provide temporary relief for the sector. Further expansion in the services and construction sectors are expected, largely driven by remittances. EBRD expects the Moldovan economy to grow at 5 per cent in 2007. <\/p>\n

We also expect foreign direct investment to increase in 2007. The presence of strategic investors in the banking sector, a growing retail market and a booming construction sector will continue to attract foreign investment in the course of the year. However, in order to increase foreign direct investment in the long run, the country will need to pursue its structural reforms to consolidate the conditions for long-term growth. <\/p>\n

10. What are the likely key risks for Moldova’s economy this year? <\/p>\n

In the short run the resumption of the wine export to Russia is a potential risk factor. If the resumption is more problematic than expected, it could further weaken the wine sector. In the medium term, Moldova’s dependence on agribusiness as well as its excessive reliance on CIS markets (in particular Russia) increase the economy’s vulnerability to adverse shocks. In order to address this, the Government should continue to promote economic diversification both in terms of production base and export markets. In addition, Moldova’s reliance on imported energy resources should make energy efficiency and renewables a medium-term objective. \/\/ BASA-Press<\/p>\n

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