International Commercial Bank (Moldova) S.A.

In its first project in Moldova, MIGA issued a guarantee for $2.7 million to the Commercial Bank of Greece for its equity investment in a subsidiary in Moldova. The investment will expand the financing capacity of the project enterprise, International Commercial Bank (Moldova) S.A. (ICBM). MIGA's guarantee will cover Commercial Bank of Greece's investment against the risks of transfer restriction, expropriation, and war and civil disturbance.

The objective of the project is to introduce a package of competitively- priced financial services in Moldova. These services will range from trade financing to providing efficient international payments. Additionally, the project will benefit development by increasing the availability of medium- and long-term capital and other financial services to small- and medium-sized firms that produce goods. The banking sector recently has been liberalized, and ICBM will help promote downstream economic activities. Finally, ICBM is planning to participate in privatization and advisory work for more than 100 companies a year, thus contributing to Moldova's privatization program.