EBRD Marks One Of Its Most Active Years In Moldova With €508M For 19 Projects, Strengthening Energy Independence, Roads And MSMEs Amid EU Accession Push

The European Bank for Reconstruction and Development (EBRD) significantly increased its support for Moldova in 2025, marking one of the most active years in their long-standing partnership. During the year, the Bank invested €508 million across 19 projects. This is almost double the €280 million put into 14 projects in 2024 and is very close to Moldova’s highest investment year in 2022, when the EBRD committed €525 million. Investments in Moldova have grown rapidly since the beginning of Russia’s war against neighbouring Ukraine, with more than half of the total €3.0 billion invested since 1992 being delivered in just the last four years.

According to Giuseppe Grimaldi, the EBRD Head of Moldova, 2025 was a landmark year for the Bank’s operations in the country. He said the scale of investment reflects the deepening relationship between the EBRD and Moldova at a critical time, as the country continues its reform efforts and advances on its path toward joining the European Union. Grimaldi added that the Bank remains committed to supporting Moldova in building a more resilient, competitive and sustainable economy.

Moldova’s EU integration process has played a major role in driving reforms, and this is clearly reflected in the EBRD’s investment direction. The Bank’s portfolio is closely aligned with Moldova’s long-term development priorities, with 67 per cent of investments directed toward sustainable infrastructure, 21 per cent into the corporate sector and 12 per cent into financial institutions. These areas remain central to improving the country’s economic stability and supporting private sector growth.

Three major areas of support stood out in 2025. First, the EBRD expanded its assistance for Moldova’s energy security programme. This builds on earlier large-scale efforts that helped Moldova diversify its gas and electricity sources and reduce its reliance on Russia. Strengthening energy independence remains one of the country’s top priorities. Second, the Bank continued to finance important road and transport corridor upgrades. These infrastructure improvements are enhancing Moldova’s connectivity within the region, particularly strengthening transport links with Romania, Ukraine and the EU’s Solidarity Lanes. Better roads and transport systems are expected to support trade, mobility and long-term economic integration.

Third, the EBRD increased its support for private sector competitiveness. New financing was directed at agribusiness companies and micro, small and medium enterprises (MSMEs), sectors that form the backbone of the national economy. The Bank also expanded its cooperation with local banks through credit lines that make it easier for businesses to access loans for growth and upgrading.

These efforts build on the EBRD’s intensified engagement since 2022. The Bank remains Moldova’s largest institutional investor, and since the start of Russia’s full-scale invasion of Ukraine, it has provided €1.6 billion to help Moldova manage the economic fallout, improve its energy security, upgrade infrastructure and support its private sector. In total, the EBRD has invested nearly €3.0 billion in 196 projects across the country since it began operations in Moldova.

The EBRD is also working closely with Moldovan authorities to push forward key reforms and support EU alignment. This includes strengthening public utilities, preparing for the country’s first renewable energy auction, planning energy-efficiency investments in cities such as Chisinau and Balti, and helping shape long-term strategies for green energy and better regional connectivity. Small businesses remain at the centre of the Bank’s efforts. With 98 per cent of Moldova’s economy made up of small enterprises, the EBRD continues to prioritise access to finance and support for companies aiming to meet EU standards and modernise their operations.

Moldova’s achievements form part of a strong overall performance for the EBRD in 2025. The Bank reached a record €16.8 billion in investments during the year, slightly above the €16.6 billion achieved in 2024. This includes a record €2.9 billion invested in Ukraine. The EBRD operates across central and eastern Europe, Central Asia, the Southern and Eastern Mediterranean and, more recently, sub-Saharan Africa. Full financial results for 2025 will be published in the spring.