International Finance Corporation to help Moldova strengthen agri-food sector

Chisinau, 17 February /MOLDPRES/- The Ministry of Agriculture, Regional Development and Environment and the International Finance Corporation (IFC), a member of the World Bank Group signed a cooperation agreement on 16 February to be implemented in partnership with the Swedish Agency for International Development.

IFC has already helped the Moldovan government to optimize agri-food regulations in the first phase of the investment climate reform project, during eight-year implementation. As a result, the Corporation aims to create a favorable business environment by setting necessary legal framework, including in product safety, animal by-products, waste management and food traceability. This will help create a favorable environment for agri-food producers in order to boost exports between countries, including the EU market, which is currently closed to Moldovan animal products.

"I believe that the proper implementation of the project will contribute to the development of a high-performing and competitive agricultural sector, with increased emphasis on opening up the EU market for animal products; strengthening the export capacity of the horticultural sector; strengthening the food safety system, including laboratory capacity, IT systems and the regulatory basis for traceability and safety of products of animal origin, etc. The consulting services offered through IFC will also strengthen the capacities of the institutions involved in this segment, facilitating the connection of the agri-food sector to the community standards and norms", relevant minister Ion Perju said.

In Moldova, one of the challenges is the lack of available data on potential investors and business partners. To resolve the issue, IFC will help create a digital public register of financial statements, providing public access to the financial statements of private companies and state-owned enterprises. This will ensure greater transparency of the process, attracting more investment in the agri-food sector in Moldova and creating trade relations with the business community.

"One of IFC's strategic priorities in Moldova is to strengthen the agri-food sector. Our goal is to help Moldova take full advantage of the Deep and Comprehensive Free Trade Agreement with the EU. This will allow the country to explore other international markets at a lower cost and effort.

Digital solutions will not only create incentives for businesses to connect with Moldovan companies, but will encourage and maintain investment, helping boost competitive markets and speed up economic growth," said Jason Pellmar, IFC's regional manager for Ukraine, Belarus and Moldova.

IFC's investment and consulting activity in Moldova is based on more than a decade of experience in the agricultural sector in order to improve the entire agri-food value chain, develop the competitive local agri-food sector, in order to promote export opportunities and boost food security.

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