World Bank gives Moldova US$30 mln for competitive growth

Helping Moldova enhance its competitiveness by improving its investment climate and increasing access to finance is the core objective of a Competitiveness Development Policy Operation, in the amount of US$ 30 million, approved on November 2 by the World Bank Board of Executive Directors.

The US$ 30 million supports the Government of Moldova’s Program for 2011-2014 and builds on the growth and trade-oriented structural reform agenda supported by an earlier World Bank Economic Recovery Development Policy Operation in June 2010.

«We are pleased to support the Government of Moldova’s efforts to boost growth through investment, innovation and competitiveness», said Abdoulaye Seck, World Bank Country Manager for Moldova. «Moldova’s future as a small open economy lies in its ability to capitalize on its human resources, whilst creating a favorable policy environment for trade, investments, innovation and thriving business activity».

The current operation supports investment climate reform through: i) simplifying business regulation; ii) reducing non-tariff barriers to trade; iii) harmonizing Moldovan product standards with EU standards; iv) reducing inspections and anti-competitive practices; and v) increasing the competitiveness of Moldovan agro-food exports. It also aims to boost private finance for investment through: i) reducing the cost of and increasing access to payment and remittance services; and ii) aligning Moldovan financial reporting with EU standards.

Since Moldova joined the World Bank in 1992, a total of US$ 910 million have been allocated to 45 operations in the country. Currently, the World Bank portfolio includes 11 active projects with total commitments of US$ 256 million. Areas of support include education, social assistance, e-governance, healthcare, water and sanitation, agriculture, business development, and others.

Adapted from Infotag