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The French Development Agency (AFD) will provide Moldova with a 40-million-euro loan to reform the energy sector and develop climate change resilience.

The French Development Agency (AFD) will provide Moldova with a 40-million-euro loan to reform the energy sector and develop climate change resilience.

At a meeting held on Wednesday, the government approved the signing of a relevant agreement on the crediting mechanism between Moldova and AFD. The agreement is meant to finance the needs of the state budget to carry out reforms in the energy infrastructure, energy efficiency, and renewable energy. The credit facility will also be used for Moldova's transition to "green energy", contributing to energy security and long-term development, climate resilience, in line with the requirements of EU and Energy Community legislation, as well as Moldova's commitments under the main international agreements, including the Paris Agreement. The credit line will allow implementing some of the provisions of the Memorandum of Understanding signed by the Moldovan government with AFD on June 23, 2023. The loan will have a maturity of 15 years, including a 5-year grace period. The loan will be repaid semi-annually in 20 equal installments. The interest rate - fixed or floating (Euribor 6 month + margin) - will be determined during negotiations. The commitment fee will be 0.5% of the outstanding amount accrued from the date of signing the agreement. The single commission will be 0.5% of the total loan amount. The loan will be disbursed in one installment. The cost of servicing the loan will be paid from the state budget. Let us remind that on February 10, 2023, the Ministry of Finance asked AFD to explore the possibility of a development policy-based 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 was received for 40 million euros from the French partners, subject to the implementation of energy reforms. Relevant reforms should be carried out on the basis of the Policy Matrix ("Roadmap"). It includes all the actions to be implemented by Moldova in 2023-2028. The matter concerns 34 conditions, divided into 6 stages. // 11.10.2023 - InfoMarket.

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Energocom purchased 280 million cubic meters of gas from 7 different companies from September 4 to October 5, with a weighted average price of $420 per 1,000 cubic meters.
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