The WB approved the allocation of $55 million to Moldova for the project "Investment in the management, development and improvement of the sustainability of the agricultural sector" (AGGRI).
With this financing, Moldova will improve the provision of agricultural services, stimulate market-oriented growth and effectively respond to crises, the World Bank said in a statement. The AGGRI project will assist Moldova in improving the delivery of public agricultural services, stimulating market-driven growth and building the resilience of targeted beneficiaries, while providing effective mechanisms to respond to emerging crises. As noted in the materials of the World Bank, due to its proximity and ties with the European Union, one of the largest and most prosperous food markets in the world, Moldova has significant potential for export-oriented growth. To take advantage of this opportunity, the sector must comply with EU requirements while addressing existing performance gaps at the sub-sector level to benefit from comparative advantages in growth, market orientation and climate resilience. To achieve these goals, it is planned to place emphasis on the production and delivery of food and agricultural products that meet quality standards in target markets at competitive prices, while maintaining sustainability and resource efficiency. It is planned to focus on 3 main areas to ensure market-oriented and sustainable agricultural growth: focus on the overall quality of sectoral governance and its compliance with EU standards; special attention to the growth-oriented development of agricultural land and processors, with additional support needed for modernization in accordance with EU requirements; emphasis on stability and durability. “The agricultural sector is vital to the Moldovan economy, and I am pleased that, thanks to the support provided by the World Bank, the country will improve the provision of public agricultural services, stimulate market growth and increase the resilience of beneficiaries,” said Inguna Dobraja, Head of the WB Resident Mission in Moldova. According to her, in addition, this project will help Moldova quickly and effectively respond to crises or emergencies in case of their occurrence. More than $1.3 billion has been committed to over 60 operations since Moldova joined the World Bank in 1992. The World Bank portfolio now includes 12 active projects with total commitments of $617.2 million. Areas of support include regulatory reform and business development, modernization of public services, tax administration, cadastre, education, roads, health and social services, including emergency response caused by COVID-19, agriculture, water supply and sanitation, energy.// 01.06.2023 — InfoMarket
