Moldovan business environment to be strengthened via World Bank-financed project

Chisinau, 22 December /MOLDPRES/ - The Observers’ Council of the Implementation Unit of the World Bank-financed Competitiveness Enhancement Project presented the project’s priorities and budget for 2015 at a today meeting. The project’s basic goals are to enhance the export competitiveness of Moldovan private enterprises and improve the regulation framework, by diminishing constraints, the Economics Ministry’s information and media communication service has reported. 

A budget of 810,000 dollars is allocated for 2015. The project, with an overall budget of 45 million dollars, is to be implemented in 2015 – 2019.  The financial means earmarked by the Wold Bank are the Credit of the International Development Association (IDA), in amount of 15 million dollars and the a loan by the International Bank for Reconstruction and Development (IBRD), worth 30 million dollars.  

The project is set to improve the business environment via the government’s support in implementing strategies aimed to improve the entrepreneurial climate, reduce constraints and costs for business management. At the same time, the project is to develop the Small and Medium Enterprises (SMEs) sector by funding sectoral studies, in order to identify the needs of the business environment and provide co-financing to economic agents, to enhance their capacities to be competitive on the European Union market.  

Another component is to facilitate the access of enterprises to financing, respectively, consultancy services are to be funded, in order to create a functional mechanism to guarantee credits within the Organisation for Small and Medium Enterprises Sector Development (ODIMM). At the same time, a Credit Line for exporter economic agents will be created. Thus, the project’s main beneficiaries will be SMEs and export-oriented companies, Moldovan enterprises and foreign investors, who will benefit from a friendly business environment, and entrepreneurs who will have access to funds, in order to develop their business and enhance competitiveness. 

The Loan Agreement and Financing Agreement on the carrying out of the above-mentioned project were signed on 15 July 2014. Both documents were ratified by the parliament on 21 July and, subsequently, promulgated by President Nicolae Timofti on 31 July 2014.

The Implementation Unit of the World Bank-financed Competitiveness Enhancement Project is a public institution, set up by the Economics Minister and is in charge of implementing this project.