Microinvest Senior Loan (IFC-52173)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Moldova
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
I.M. OMF MICROINVEST SRL
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 62.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 14, 2026

Disclosed by Bank Aug 27, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment consists of an up to EUR55 million (US$62.7 million equivalent) financing package comprised of i) up to EUR20 million A-loan, ii) up to EUR20 million B1 loan and iii) up to EUR15 million Partial Credit Guarantee (PCG) (together the Project) to O.C.N. Microinvest SRL (MI) for on-lending to micro, small, and medium-sized enterprises (MSMEs). At least 50% of the proceeds will be allocated to MSMEs operating in the agriculture sector (Agri-MSMEs).  The objective of the Project is to help MI expand its lending to MSMEs, including underserved groups in agribusiness.  

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project’s proceeds will be used to finance micro, small and medium enterprises (MSMEs) in Moldova. E&S risks of such investment are low/medium, therefore, the project has been classified as FI-2 according to IFC’s Sustainability Policy. The Project will not support any activities on IFC Exclusion List, activities related to production and trade of radioactive materials, coal-related activities, or higher E&S risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, significant retrenchment or d) significant occupational health and safety risks. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed investment consists of an up to EUR55 million (US$62.7 million equivalent) finance package  to support MI’s lending operations to micro, small, and medium-sized enterprises (MSMEs). At least 50% of the loan proceeds will be allocated to MSMEs operating in the agriculture sector (Agri-MSMEs).

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Microinvest (MI) is the leading non-banking financial institution (NBFI) in the Republic of Moldova with a focus on financially underserved microentrepreneurs. As of December 2025, the Company held a 41.5% market share of the total NBFI loan portfolio, ranking 1st in the market. In terms of the combined total loan portfolio across the banking and NBFI sectors, the Company ranked 5th, with an approximately 6% loan market share.

In 2025, BC Victoriabank SA (VB) – part of the Banca Transilvania Financial Group and controlled by Banca Transilvania S.A. (BT), completed the full acquisition of MI, marking a strategic consolidation that reinforces Group’s market position and ambition to establish a leading presence in Moldova’s financial sector.

MI is headquartered in Chisinau, Moldova, and provides micro, small, and medium-scale financing solutions to entrepreneurs and businesses across the country and individual consumer loans. 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For Inquiries About the Project, Contact:
O.C.N. Microinvest S.R.L.
Irina Cosiuc
Head of Funding and Reporting
+373 22 80 17 01
irina.cosiuc@microinvest.md
Bd. Renasterii Nationale No. 12, Chisinau 2024, MD
https://microinvest.md/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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