14 Feb 2018 17:00

EBRD rotates Moldova, Armenia chiefs

CHISINAU. Feb 14 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has appointed Angela Sax as the new head of office for its operations in Moldova, the EBRD said in a press release.

Sax was introduced to the local authorities on Wednesday by EBRD President Suma Chakrabarti during a visit to the capital Chisinau. She will take up her new post in April 2018.

Sax joined the EBRD Resident Office in Armenia in May 2006 where she has worked on a variety of projects in municipal infrastructure, property, manufacturing, agriculture and other industries. One of the projects Sax worked on as a senior banker was the EBRD investment in the modernisation of Yerevan's metro. Most recently she served as the acting head of the Bank's representation in Armenia.

In Moldova, Sax will replace Dimitri Gvindadze, who is now the head of the EBRD office in Armenia. During his tenure in Moldova, the bank has seen a strong increase in lending with an all-time high of 130 million euros last year alone.

The new appointments are part of a planned staff rotation at the EBRD.

Armenia and Moldova joined the EBRD in 1992. The bank has been involved in 162 projects in Armenia and 122 in Moldova. Its current portfolio is estimated at 285 million euros in the former and 581 million euros in the later.