United Kingdom creates fund to support economic reforms in emerging countries, including Moldova

Chisinau, 20 March /MOLDPRES/ - The European Bank for Reconstruction and Development (EBRD) welcomed an initiative by the British government  to create a new fund to support economic reform and good governance in more emerging countries in which the London-based financial institution invests, according to a EBRD press release.

The United Kingdom will spend 20 million pounds this year, to help former Communist countries, including Moldova. British Prime Minister David Cameron said the UK authorities would send representatives to Georgia, Moldova, Bosnia and Herzegovina and Serbia to help reform the bureaucracies of these countries.

"These countries’ investment needs of are huge, and competition for funding is fierce. This new initiative - to support reform efforts of governments - is a the long-awaited commitment that targets the prosperity of the region," said EBRD President Suma Chakrabarti.

The EBRD president added that the bank had recently launched an initiative on investment climate and corporate governance, and that the efforts of the financial institution and the British government complemented each other.

The EBRD initiative helps banks to support economic development and government efforts to promote reforms, thus contributing to improving the investment climate and corporate governance. The programme aims at improving the business environment, so that businesses and countries flourish to attract new investments.

Moldova signed a Memorandum of Understanding with the EBRD within the new initiatives on 22 October 2014. The memorandum provides for strengthening the Economic Council of the Prime Minister, backed by EBRD and accelerating reforms to improve the business environment, establishment of effective mechanisms for assistance in investments area, to prevent unfair competition, alternative dispute resolution, as well as developing arbitration procedures.

(Reporter V. Bercu, Editor L. Alcaza)