Government is launching a new program, "373", to support economic development and investment attraction.
During a press conference on Tuesday, Prime Minister Dorin Recean said the program provides state aid in the form of compensation for interest on loans obtained for investment purposes. He specified that the "373" program, which coincides with the international telephone code of Moldova, will be launched on June 1. The figure "3" in the program's name means granting loans in foreign currency at 3% annually, figure "7" - granting loans in national currency at 7% annually, and the second "3" determines the maximum 3-year period of subsidization. According to Dorin Recean, the difference between the market interest rate and the credit granted within the "373" program is compensated by the government. For example, today, the average interest rate for business loans in MDL is 12-13% (in foreign currency - 5.5%), and under the program - 7% in national currency and 3% - in foreign currency, respectively, the rest of the amount will be compensated by the government. At the same time, the maximum term of the loan will be 7 years, and the maximum amount of the loan for investments - 15 million lei. Premier said that the investment initiatives of the business, which have been approved and have a credit agreement with a bank, will be able to participate in the program. The new program will benefit from 400 to several thousands of businessmen, who intend to invest in business development. The program will allow increasing the credit portfolio of the companies by about 1.5 billion lei and the contribution of the government to the "373" program will amount to approximately 200 million lei. Ultimately, the implementation of the program will ensure an economic growth of GDP by about 1%. The introduction of the "373" program is to be approved by the government this week. Subsequently, the Ministry of Economic Development and Digitalization and Entrepreneurship Development Organization, through which the program will be implemented, will start contracting commercial banks to participate in the program. // 02.05.2023 – InfoMarket
