- EBRD approved a €400 million loan for Energocom to buy gas and electricity from European markets after Gazprom halted deliveries.
- The funding includes €300 million for energy purchases and €100 million in EU supplier guarantees, which will help Moldova reduce its reliance on Russian gas.
The European Bank for Reconstruction and Development (EBRD) on Tuesday, July 8, announced a €400 million ($468 million) loan to Moldova’s state-owned energy trader Energocom to secure natural gas and electricity supplies from European markets.
The financing package follows Russia’s decision to halt gas deliveries to Moldova this year, citing unpaid debts. The move marks a significant step in the country’s efforts to strengthen energy security and reduce reliance on Russian imports.
The EBRD said the package includes a €300 million senior working capital loan to finance energy purchases and €100 million in guarantees for eligible European Union suppliers, backed by the Moldovan government.
“The Republic of Moldova will guarantee these and enable the company to acquire natural gas and electricity, ensuring a continuing stable energy supply nationwide,” the EBRD said.
Moldova, a southeastern European country of 2.5 million people, has long depended on Russian gas. However, since Moscow’s full-scale invasion of Ukraine, Chisinau has accelerated efforts to diversify its energy sources.
While Moldova proper has shifted toward European markets, the pro-Russian breakaway region of Transdniestria continued to use Russian gas until Gazprom ceased deliveries on January 1, after Ukraine declined to renew a transit agreement. The area has since faced an acute energy crisis.
The EBRD has been a key partner in Moldova’s transition, investing more than €2.5 billion across 183 projects.