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The World Bank's financial institutions will provide a 47.5 million euros loan to support development of small and medium-sized enterprises in Moldova.

The World Bank's financial institutions will provide a 47.5 million euros loan to support development of small and medium-sized enterprises in Moldova.

Two agreements on financing a project of enhancing competitiveness of micro, small and medium-sized enterprises were signed by Economy Minister Sergiu Gaibu and World Bank country director Inguna Dobraja on Thursday. The SME Competitiveness Project will be implemented in 2023-2027 and aims at reducing the burden and regulatory costs for the business environment, facilitating access to finance and enhancing the export competitiveness of Moldovan enterprises. The project includes three components: digitization of public services for the business environment and state control, optimization of the number of permits and improvement of national quality infrastructure to reduce regulatory costs faced by businesses; easier access to finance for businesses through credit guarantees and increasing the size of the Credit Guarantee Fund; support for SME development and increasing export competitiveness. To implement the project, the International Bank for Reconstruction and Development will provide a loan of 17.7 million lei and the International Development Association - 29.8 million euros. Both financial institutions are members of the World Bank Group. Under the agreement, the Ministry of Economy will be the central state authority responsible for the project implementation and will closely cooperate with the Ministry of Finance, Agency of State Services and other state institutions with functions of private sector support and export promotion, such as ODIMM, Investment Agency, National Institute of Metrology and others. According to Sergiu Gaibu, head of the Ministry of Economy, the financing will make it possible to supplement efforts to implement the internationalization program and help Moldovan enterprises in reorientation to new markets. He also said that the project will contribute to the development of the quality infrastructure and conformity assessment bodies, which, in turn, will be an important step for access of Moldovan livestock products to the European market. // 07.07.2022 - InfoMarket

News on the subject

The World Bank Group will provide $159.24 million to Moldova to respond to emergencies, strengthen resilience and enhance competitiveness.
The World Bank Group will provide $159.24 million to Moldova to respond to emergencies, strengthen resilience and enhance competitiveness.
Moldova initiates negotiations with the French Development Agency for a 60 million euro concessional loan.
Moldova initiates negotiations with the French Development Agency for a 60 million euro concessional loan.
Moldova: Net direct investment in the first quarter of 2022 was $177.64 million, up 3.6 times from the same period in 2021.
Moldova: Net direct investment in the first quarter of 2022 was $177.64 million, up 3.6 times from the same period in 2021.
Moldova and EBRD have signed an agreement to provide Moldova with a 300 million euros loan to increase its energy security, by buying strategic gas supplies in addition to those currently supplied by Russia via Ukraine.
Moldova and EBRD have signed an agreement to provide Moldova with a 300 million euros loan to increase its energy security, by buying strategic gas supplies in addition to those currently supplied by Russia via Ukraine.
The Parliament ratified the agreement on a new WB grant in the amount of $3 million 105 thousand for the project "Competitive Agriculture in Moldova".
The Parliament ratified the agreement on a new WB grant in the amount of $3 million 105 thousand for the project "Competitive Agriculture in Moldova".
Moldova to receive a WB loan of 44.1 million euros and a grant of 1.55 million euros from Austria for the development of water supply and sanitation systems.
Moldova to receive a WB loan of 44.1 million euros and a grant of 1.55 million euros from Austria for the development of water supply and sanitation systems.