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The French Development Agency will provide Moldova with a concessional loan of 40 million euros for reforms in the energy sector.

The French Development Agency will provide Moldova with a concessional loan of 40 million euros for reforms in the energy sector.

This is envisaged by a draft agreement that the parties plan to sign. The Ministry of Finance had submitted the document for public consultations before the government decided to start negotiations on it. The ministry notes that on February 10, 2023, the Ministry of Finance requested the French Development Agency to explore the possibility of a development policy loan of 120 million euros on concessional terms for reforms in the energy and forestry sectors. On May 15, 2023, the first draft of the Credit Line Agreement of 40 million euros was received from French partners on condition that the reforms in the energy sector are implemented. The relevant reforms are to be implemented based on the Policy Matrix (Road Map), which includes all actions to be taken by Moldova in 2023-2028, 34 conditions divided into 6 stages, one stage per year being proposed. The loan agreement to be concluded with the French Development Agency is a bilateral contract. The purpose of the Credit Line Agreement is to finance the state budget needs for the implementation of reforms in energy infrastructure, energy efficiency, and renewable energy sources. At the same time, it will accelerate the transition to green energy in Moldova, contributing to energy security and long-term climate change resilient development, in line with EU and Energy Community legislation and Moldova's commitments under major international agreements, including the Paris Agreement. The draft Credit Line Agreement to be concluded with the Agence Française de Développement provides for a 40 million euro loan to be taken by Moldova. The loan will be repaid in 15 years, including a grace period of 5 years. The loan will be repaid in 20 equal monthly payments. The interest rate will be negotiated between a fixed interest rate or a floating rate (Euribor 6 months + margin). The commitment fee is expected to be 0.5% of the unpaid amount accrued from the date of the agreement. The single commission will be 0.5% of the total loan amount. The loan will be disbursed in a single payment. The cost of servicing this loan will be paid from the state budget. The financial resources of this loan will be used to fund the needs of the state budget. //22.06.2023 - InfoMarket.

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