The operation is under Global Authorisation of operation 2020-0043 (COVID-19 SME Access to Finance Initiative). It will support small and medium enterprises in Moldova by providing a portfolio guarantee to mitigate the credit risk of final beneficiaries, in order to enhance access to finance for Micro, Small and Medium Enterprises ("MSMEs"), thereby contributing to employment generation, economic recovery following the drawback of the COVID-19 pandemic, and economic resilience following the war