RLF - Moldovan Railways Crisis Response 23m loan (EBRD-54122)

  • Moldova
Geographic location where the impacts of the investment may be experienced.
Specific Location
Valcinets, Balti, Ungheni, Chisinau, Cainari
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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."
Voting Date
Mar 14, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Government of Moldova
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Humanitarian Response
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Loan Amount (USD)
$ 24.67 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.
Currency conversion note:
Bank reported 23
Converted using 2023-03-14 exchange rate.
Project Cost (USD)
$ 76.16 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.
Currency conversion note:
Bank reported 71
Converted using 2023-03-14 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 17, 2023

Disclosed by Bank Mar 15, 2023

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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.

As stated by the EBRD, the operation will finance the acquisition of materials required for the rehabilitation of railway infrastructure on Moldova's Valcinets - Balti - Ungheni section (under Tranche I) and the Chisinau - Cainari section (under Tranche II).
The Project will support Moldova's economic development, increase its logistics and transit potential and bring operational efficiency from improved regional infrastructure through the rehabilitation of the railway sections on the North-South Rail Corridor.
The Project will facilitate the transportation of goods via alternative routes from Ukraine via Moldova to the EU. This aims to ensure food security and improves the access for Ukrainian goods to the largest operable port at the Black Sea, Constanta, as well as to ports in Romania, Moldova and Ukraine - at Galati, Reni, Ismail and Giurgiulesti, with a cumulative operating capacity that can absorb a significant part of Ukraine's export needs.
The Project supports the shift from high to low-carbon modes of transport as the goods from and to Ukraine via Moldova are predominantly transported by road due to the lack of capacity of the Moldovan North-Central railway network. The Project is expected to increase the throughput capacity and lift speed restrictions on the current rail infrastructure.
The loan is made to the Republic of Moldova. Calea Ferata din Moldova ("CFM") is a national railway operator in the Republic of Moldova responsible for passenger and cargo transportation, as well as infrastructure management. The CFM will be responsible for the implementation of the Project.

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

The EBRD Loan will consist of Tranche I of up to EUR 12 million (committed at signing) and Tranche II of up to EUR 11 million (uncommitted).

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.

Implementing Agency - Calea Ferata din Moldova:

Mr. Oleg Tofilat - General Director
Email: oleg.tofilat@railway.md
Phone: (+373) 22 83-33-33 / (+373) 22-834-204
Website: www.railway.md
Address: Republica Moldova, Chisinau MD-2012, str. Vlaicu Pircalab 48


You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request


The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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How it works