Economy
Euromoney recognizes Moldova-Agroindbank as best bank of Moldova in 2007
Reading Time: 3 minutesThe Euromoney magazine, which is an authoritative periodical in the financial world, conferred the title of the Best Bank of Moldova in 2007 to Moldova-Agroindbank
The Euromoney magazine, which is an authoritative periodical in the financial world, conferred the title of the Best Bank of Moldova in 2007 to Moldova-Agroindbank.
Bank President Natalia Vrabie told Infotag that this title was conferred on the bank at an official ceremony, which took place in London on July 12.
This is already the third award of Agroindbank on the part of since 2000", Vrabie remarked.
She stressed that the bank won the Awards for Excellence in the local bank denomination. There are very few local banks in the countries of Central and Eastern Europe, as the privatization has been conducted there and banks with the participation of foreign and international capital dominate at the markets.
The very fact that Agroindbank was presented as a local financial institution of Moldova is an original commercial signal for drawing attention to the fact that in this region of Europe there are very few banks, which deserve the closest attention on the part of investors, Vrabie says.
Euromoney estimated not only banks in various countries, but also international financial corporations and banks such as the Bank of America, Morgan Stanley, Goldman Sach, Barclays Capital, Credit Suisse, City Bank, Royal Bank of Scotland, JPMorgan, Societe Generale, Deutsche Bank, Bank Austria Creditanstalt, Merril Lynch.
"It obliges for much to find those, which are successful in bank business. Meetings with colleagues from the world leading banks give benchmarks for the future, determine strategic objectives, one should strive to it in the development of one’s own bank. In conversations and discussions with bank business Grands you understand better the processes in the world finances, in particular, in the banking sector. The magazine confers titles for innovations and achievements at the financial market, for the leadership and so on", the Agroindbank manager said.
Speaking about the regional trends and evolution on the Central European market, Vrabie remarked that merge processes are going in the majority of countries and it results in the appearance of large transnational banks, in other words, the globalization process is in full swing.
"In virtue of the merging and absorbing processes, investors are interested in the banks, which achieved results. They want to buy a high-quality good with a big potential of its positioning at a regional market, as the coming to a new market is a complicated and risky business", Vrabie says.
Agroindbank President confessed that it is very pleasant for her to get an award from such authoritative magazine, as Euromoney.
"I would be even gladder for my country. In order to achieve something serious, the situation and the atmosphere must allow you to do it. I mean, for example, regulating system, legislation, business environment and investment climate, which would not confront with the bank’s development, but would facilitate it by all means", Vrabie said.
In her words, such award for Moldova-Agroindbank testifies to the fact that in Moldova there are factors, accompanying the bank’s dynamic and stable development.
The best bank in Moldova 2007 denomination is particularly nice, because the collective achieved it with its own efforts and professional skills, that is very important, in my opinion", she remarked.
Vrabie considers that the estimation of the Agroindbank’s achievements by the world financial magazine strengthens the bank, makes it more attractive, and raises its image and reliability.
"With the help of such awards the bank becomes more known in the world financial and banking community. For us it is another step towards new contacts and to further business growth", Vrabie said.
"We developed our bank and believe in its success, we put our heart in it, we did it with self-denial and fidelity. And when business has such qualities, results are good. I am sure that this is a good news not only for our bank, but for the whole banking system of our state", Moldova-Agroindbank President concluded.
In 2006 the Agroindbank net profit constituted 212.1 million lei ($16.4 million), the bank registered an 80.5% growth. The bank’s assets increased up to 4.8 billion lei (29% growth), its authorized capital was – 759 million lei and its authorized capital – 759 million lei ($59.7 million) (28.3% growth). Agroindbank is Moldova-largest bank. It holds 23.5%, of the credits, 20.7% of the assets, 18.8% of the capital. In 2002 Agroindbank set up its own leasing company – MAIB-Leasing, which became the leader at the market with its portfolio at 180 million lei. The bank plans to increase the capital profitability up to 25%. The market cost of its shares doubled for a year and reached 1700 lei per a share, which nominal value is 200 lei.
Economy
Moldova will receive a disbursement of 36 million euros as part of the the Economic Recovery Plan
This week, the European Commission approved the disbursement of 36 million euros in grant money for the Republic of Moldova. The announcement was made by Deputy Director-General for Neighbourhood Policy and Enlargement Negotiations at the European Commission, Katarina Mathernova, who paid an official visit to the Republic of Moldova between September 13-15, together with Managing Director for Russia, Eastern Partnership, Central Asia, Regional cooperation and OSCE, at the European External Action Service, Michael Siebert.
The EU officials had meetings with President Maia Sandu, Minister of Foreign Affairs and European Integration, Nicu Popescu, Speaker of Parliament, Igor Grosu, Prime Minister of the country, Natalia Gavrilita, as well as key representatives of Government, international financial institutions and the civil society, according to a press release issued by the Delegation of the European Union to the Republic of Moldova.
Beside such topics as the EU-Moldova relations and prospects, the priorities of the reform agenda of the new Moldovan Government, preparations for the Eastern Partnership Summit at the end of the year and the Transnistrian conflict settlement, the officials also discussed the EU assistance in support of reforms and the Economic Recovery Plan for Moldova, which was announced in June with a total EU support of 600 million euros over the next 3 years.
“The first measures under the Economic Recovery Plan will shortly materialize, with the expected disbursement of 36 million euros in grant money under budget support programmes to support the authorities’ efforts to fight against the consequences of the pandemic. Moldova can count on EU’s assistance on its path to reforms and to recovery, bringing tangible results to citizens,” Katarina Mathernova stated.
The plan is based on assistance provided by the European Union through various bilateral and regional instruments, aiming to mobilize the funds in the form of grants, loans, guarantees and macro-financial assistance.
“The Economic Recovery Plan for the Republic of Moldova involves much more, not just this financial support provided immediately. It must help digital transformation, strengthen infrastructure, energy efficiency, education and support small and medium-sized enterprises,” the EU official also said.
As Prime Minister Natalia Gavrilita informed, “The Economic Recovery Plan and the 5 flagship initiatives for Moldova in the Eastern Partnership will directly contribute to the reform and consolidation of institutions, stimulate long-term socio-economic development, bring direct benefits to citizens, and unleash new economic opportunities through promoting the green agenda and digitization. Small and medium-sized enterprises (SMEs) have been hit hard by the crisis. Promoting and diversifying access to finance and reducing collateral requirements will be essential in supporting economic operators. We are grateful to the EU partners who will launch two programs to support 50 000 independent Moldovan SMEs to adapt to the new conditions.”
President of the Republic of Moldova, Maia Sandu, welcomed the decision of the European Union to disburse about 745 million lei in grant money, as the official page of the President’s Office announced. “EU support comes after a long period of freezing of European assistance, caused by former governments. We managed to relaunch the political dialogue with the European Union and resume financial assistance. The Republic of Moldova is gradually regaining the trust of its strategic partners. This European support is also a signal of encouragement for the new Government team in its commitment to clean up the institutions, fight corruption and launch development programs in the country,” said Maia Sandu.
Photo: unknown
Economy
Romania and Moldova signed a partnership memorandum pledging to cooperate in promoting their wines
The Chamber of Commerce and Industry of Romania (CCIR) and the National Office for Vine and Wine (NOVW) of the Republic of Moldova signed, last week, a memorandum of cooperation on organizing joint promotional activities in the markets of common interest, as the CCIR announced.
China, Japan or the USA are just some of the markets targeted by the Romanian and Moldovan institutions. The memorandum also involves advertising activities for wines from common indigenous varieties, promoting the oeno-tourist region, developing a tourist route in the two states, exchange of experience, study visits, and mutual support in identifying new export opportunities. “We are very confident that this collaboration between our organizations will lead to sustainable economic growth and a higher degree of well-being among Moldovans and Romanians,” claimed Deputy Secretary-General of CCIR, Bogdan Visan.
On the other hand, Director of the NOVW, Cristina Frolov, declared that no open competition with Romania is aimed at the governmental level of the Republic of Moldova. “This request for collaboration is a consequence of the partnership principle. Romania imports 10-12% of the wine it consumes, and we want to take more from this import quota. Every year, the Romanian market grows by approximately 2.8%, as it happened in 2020, and we are interested in taking a maximum share of this percentage of imported wines without entering into direct competition with the Romanian producer,” the Moldovan official said. She also mentioned that Moldova aims at increasing the market share of wine production by at least 50% compared to 2020, and the number of producers present on the Romanian market – by at least 40%.
Source: ccir.ro
**
According to the data of the Romanian National Trade Register Office, the total value of Romania-Moldova trade was 1.7 billion euros at the end of last year and over 805 million euros at the end of May 2021. In July 2021, there were 6 522 companies from the Republic of Moldova in Romania, with a total capital value of 45.9 million euros.
The data of Moldova’s National Office of Vine and Wine showed that, in the first 7 months of 2021, the total quantity of bottled wine was about 27 million litres (registering an increase of 10% as compared to the same period last year), with a value of more than one billion lei, which is 32% more than the same period last year. Moldovan wines were awarded 956 medals at 32 international competitions in 2020.
Photo: ccir.ro
The Republic of Moldova has perfect weather conditions for growing walnut trees, that creating a great potential of walnut production and trade, especially on international markets, where the demand is way higher than the product’s supply. National and international experts believe that the country’s walnut production industry is on the verge of important transformations, which could lead to increased yields, quality and competitiveness worldwide.
According to authorities, Moldova exports 34-35 thousand tons of walnuts in shell, which is about 7% of the total export of fruit and 5% of the total export of horticultural products. The export value is assessed as being $120 million, that being 57-60% of the total fruit export value and about 50% of horticultural export value. Most of walnut crops are exported to the EU countries, such as France, Germany, the Netherlands, Romania and Austria. The country’s exports were among the world’s top 10 when it comes to the highest dollar value of the product during 2020.
Viorel Gherciu, Minister of Agriculture and Food Industry, pointed out that the production in the domestic walnut industry has increased by 55% in the last five years, which ranks Moldova among the main producers in the world.
“The biggest opportunity for this industry is that we are in the geographical proximity of the largest walnut import area in the world, which is the European Union, with almost 40% of total imports in the world. We are on the EU border, with privileged relations, with an Association Agreement. We already enjoy a good relationship in working with European importers, they trust our processors. A very close collaboration has been created and this is, in fact, the guarantee for those who invest in the area,” claimed the president of the Walnut Producers Association, Oleg Tirsina.
The data provided by the National Bureau of Statistics show that there are 34.7 thousand hectares of walnut plantations in the country. 20.90 hectares are represented by orchards. 75% of planted orchards are formed of old varieties trees. 30-35% of the exported production comes from orchards, the rest comes from individual farmers and plantations along the roads. This means that the quality of walnut production is not at its maximum potential. Developing commercial plantations through orchards modernization and extension of walnut varieties would provide double yield and better quality, experts say.
Governmental support in the form of subsidizing solutions, foreign investments and credit options are indispensable for the industry development. One of the financing options is the credit line of the European Investment Bank Project. Since 2016, 15 producers and processors of nuts, almonds and hazelnuts have benefited from these loans with the total amount of investments worth 8.7 million euros. A further extension of the project would provide another 60 million euros for the modernization of the horticultural sector in general and for harvesting organic walnuts in particular.
Photo: heymoldova.com
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