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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
I.C.S. Raiffeisen Leasing Moldova (RLMD)
Project ID
Fiscal year
Not Active
Guarantee holder
Raiffeisen Bank SA (RBRO)
Investor country
Host country
Environmental category
Date SPG disclosed
December 19, 2008
Project Board date
January 12, 2009
Gross exposure
 $6.1 million
Project type

View Summary of Proposed Guarantee

MIGA has issued a guarantee of € 4.75 million to Raiffeisen Bank S.A in Romania (RBRO) covering its €5.0 million shareholder loan to I.C.S. Raiffeisen Leasing SRL in the Republic of Moldova (RLMD). The loan will support the expansion of RLMD’s operations. MIGA’s coverage is for a period of up to six years against the risks of transfer restriction and expropriation of funds.  

RLMD is expected to focus on leasing solutions for businesses, including  the acquisition of machinery, equipment and vehicles. Fifty percent or more of the total number of borrowers supported by this investment are expected to be small and medium-size enterprises (SMEs). (In FY08, MIGA provided a $7.34 million guarantee for the first loan to support the start-up of RLMD).

Despite recent global financial turbulence, Moldova’s financial sector appears to be better positioned to weather the impact of the ongoing crises in world financial markets than some other countries in the region. This project is expected to contribute to further development of the financial sector in Moldova by improving access to finance, particularly to segments of the economy that are currently underserved. The financial sector in Moldova is also expected to benefit from the presence of experienced foreign banking institutions like RZB Group, in terms of strengthening standards by establishing best practices, developing new products, and fostering competition among financial institutions.

The World Bank Group’s country assistance strategy for Moldova, covering fiscal years 2009-2012, places emphasis on the need to enhance competitiveness of the national economy, promote private investment and the expansion of the SME sector in the country.  This investment fits well with the Bank Group’s strategy and Moldova’s development objectives.

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