The WB has announced the establishment of a new $23.8 million Multi-Donor Trust Fund for Moldova to support development, investment, competitiveness and energy efficiency.
According to the World Bank, in particular, the Fund aims to support the Moldovan government in making the necessary investments and strengthening public institutions towards competitive, sustainable and inclusive development, as well as to support Moldova's accession to the EU. The Moldova Growth, Resilience and Opportunities for Well-Being Multi-Donor Trust Fund (M-GROW), managed by the World Bank, is planned to provide a coordinated financing and support mechanism for the Government of Moldova to mobilize financial assistance for transformative impact projects and strengthen capacity to develop and implement them. M-GROW's initial priorities include supporting competitiveness, energy efficiency, institutional and governance strengthening. The founding partners of the M-GROW program are Ireland, Norway, and the United Kingdom, whose total contribution to date is the equivalent of $23.8 million. These countries are members of the program's Partnership Council. The Council is co-chaired by the Moldovan government and the World Bank. "We are grateful to our development partners for their longstanding and significant support toward the sustainable and resilient development of our country, particularly during these challenging times and circumstances," said Artur Mija, Secretary General of the Government of Moldova. The M-GROW program will support Moldova's development priorities outlined in the World Bank's 2023-2027 Country Partnership Framework and will focus on overcoming short-term shocks as well as improving prospects for long-term sustainable development. "The uncertainty resulting from Russia’s invasion of neighboring Ukraine requires development partners to increasingly work together in supporting Moldova’s longer-term development goals," said World Bank Country Director for Moldova, Inguna Dobraja. "I’m thrilled that together with our partners from the UK, Norway, and Ireland we managed to mobilize additional funds to ensure continuity in the support provided by the international community," she said. According to the WB statement, in 2022-2023, the World Bank and Moldova prepared the Moldova Emergency Response, Resilience, and Competitiveness Development Policy Operation (DPO) series, which supported government actions and reforms to increase support to refugees and households, and build resilience and competitiveness to reduce vulnerability to future shocks. Working closely with partners and the WB, Moldova was able to access over $400 million in combined grant and loan funding. This vital support has helped Moldova cope with the economic and humanitarian challenges caused by the ongoing war in Ukraine. Norwegian Foreign Minister Espen Barth-Eide said Moldova enjoys Norway's full support, both political and financial, as it implements ambitious democratic reforms and works more closely with the EU. "The World Bank is a very important channel for Norway’s support to Ukraine and Moldova. M-GROW is an important program that responds to Moldova’s immediate needs and helps build long-term resilience by strengthening national institutions and enhancing service delivery to the local population and refugees. We look forward to even closer cooperation when the Norwegian Embassy Office in Chisinau is established," he emphasized. For her part, UK Ambassador to Moldova Fern Horine said that the UK Foreign Secretary's visit to Moldova in March 2023 demonstrated a crucial commitment to strengthening Moldova's resilience to external threats, such as malicious Russian interference, through increased support for good governance, economic growth and prosperity. "Today, the UK Government reiterates this pledge with the M-GROW Programme's tailored interventions and, as one of principal donors to the World Bank's Multi-Donor Trust Fund, continues to be a key supporter of Moldovan Government and Moldovan people in achieving the ambitious goals for sustainable, green, inclusive, and resilient development," she said. Irish Foreign Minister Micheál Martin said that Ireland strongly supports Moldova and is proud to be a founding member of the M-GROW program, as it provides an important opportunity to interact with partners and to continue providing them with the necessary support. // 26.03.2024 - InfoMarket.
