Loans worth about 24 million lei provided within Youth Crediting Facility Programme in Moldova

Chisinau, 27 April /MOLDPRES/ - The Youth Crediting Facility Programme (FCT), initiated by the Finance Ministry, has 40 beneficiaries already. In the first three months of its work, loans worth about 24 million lei have been provided.   

According to the Finance Ministry, the beneficiaries come from 16 Moldovan districts and the most active ones are young people from the Autonomous Territorial Unit of Gagauzia (UTA Gagauzia), where ten loans were provided worth 8.7 million lei in all. They are followed by young people from the northern Rascani district, where five loans amounting to 2.8 million lei were offered. Three loans were provided to young people from the districts of Anenii Noi, Glodeni, Drochia and Orhei each.   

Most beneficiaries have invested money in the procurement of agricultural technology, mineral fertilizers and irrigation systems.

Financial means available within crediting lines managed by the directorate of the credit line of the investment projects financed from state external loans for development, provided to Moldova’s government by and World Bank, are used for the Youth Crediting Facility. These advantageous funds can be used for the re-crediting of private sub-projects both in agriculture and other eligible activity sectors all over Moldova. Young entrepreneurs benefit from an interest rate cut by two percentage points against the annual reference interest rate.     

The programme was launched in order to promote and encourage young entrepreneurs and create new jobs, taking into account the need to provide them with additional financial support by cutting the interests on the loans borrowed from commercial banks.