The European Bank for Reconstruction and Development (EBRD) said Tuesday that it would be helping finance small firms in Moldova through an $8 million loan to ProCredit Bank.

ProCredit Bank will use the funds to make loans available to small and medium-size businesses in Moldova.

“We continue to support ProCredit Bank and increase the availability of local currency financing to private businesses as access to long-term funds remains very limited in Moldova," EBRD Director for Financial Institutions in the Western Balkans, Belarus, Moldova and Ukraine Henry Russell said. "The structure of our loan ensures better control of foreign exchange and credit risks for ProCredit Bank and its customers."

Small business and firms are a growing sector in the country's economy, EBRD said. The loan will allow ProCredit Bank an opportunity to further diversify its funding base and to continue to be a leading lender to small and independent businesses.

Previously EBRD has loaned $10 million to ProCredit Bank which used the funds to support approximately 3,700 companies.