Framework agreement with Moldova enters into force

Deputy Prime Minister Octavian Calmic, Moldovan Ministry of Economy (right) and NEFCO's Managing Director Magnus Rystedt signing the agreement in June 2017. Photo: Carolina Sturza

The framework agreement between NEFCO and the Republic of Moldova, signed in June last year, has entered into force following the ratification of the agreement by the Moldovan parliament in December.

This framework agreement, which is aligned with the objectives of the Eastern Europe Energy Efficiency and Environment Partnership (E5P), enables environmental projects in Moldova to be financed by NEFCO.

In the starting phase, the project portfolio will mainly include projects related to energy and resource use efficiency, as well as renewable energy.

“Through this framework agreement, NEFCO is now acknowledged as an international financial institution in Moldova, and we are looking forward to developing environmental projects in this country,” says Managing Director Magnus Rystedt at NEFCO.

Most of NEFCO’s investment operations today are in Belarus, Estonia, Latvia, Lithuania, Russia and Ukraine. NEFCO has recently also commenced project financing in Georgia and Armenia.

The Eastern Europe Energy Efficiency and Environment Partnership (E5P) is a €180 million multi-donor fund managed by the European Bank for Reconstruction and Development (EBRD) and designed to promote energy-efficiency investments in Ukraine and the countries of the EU Eastern Partnership region including Moldova. The fund was established under an initiative of the Swedish government during its presidency of the European Union (EU) in 2009. E5P complements energy-efficiency loans provided by financial institutions including the EBRD, the European Investment Bank, KfW, NEFCO and the World Bank Group. Contributors to E5P are the EU and the US, as well as Denmark, Estonia, Finland, Germany, Iceland, Ireland, Latvia, Lithuania, Norway, Poland, Slovak Republic, Sweden, Switzerland and Ukraine.

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