World Bank to provide Moldova with 50 million dollars for development of Small and Medium-sized Enterprises

Chisinau, April 6 /MOLDPRES/- The World Bank will offer the Republic of Moldova 50 million dollars for the development of Small and Medium Enterprises (SMEs). The announcement was made today by Deputy Prime Minister Dumitru Alaiba, Minister of Economic Development and Digitization and World Bank Country Manager for Moldova Inguna Dobraja.

Dumitru Alaiba said that economic development is a priority of the Government, and external partners provide all the necessary support to support the multiple initiatives regarding the development of SMEs in our country.

"The financing project includes the digitization component of government services for enterprises, so that entrepreneurs do not waste time and money on bureaucratic procedures. At the same time, the State Register of controls should be updated, the inspectors should be equipped with equipment and we should undertake more actions that will eliminate corruption during controls. Modernization of the entrepreneurs' laboratories is foreseen, so that they can certify the products more easily and cheaply in order to be able to access the export market. Another important measure is the access to finance component. We propose to use the loan guarantee fund, and 15 million dollars will be allocated to guarantee loans granted to SMEs. Also, 13 million dollars will be granted for the development of enterprises and the increase of export competitiveness", said Alaiba.

Inguna Dobraja said that the support is strategic and provides for the development of SMEs. "In the last 10 years, a lot has been invested in creating an efficient and development-friendly business environment. I am glad we can provide this support. Cooperation in this sector is very important, and we have an excellent collaboration. At the same time, the support comes to support the Government's actions to achieve important results in this sector", said Inguna Dobraja.

The WB-funded project will be implemented in 2023-2027 by the Ministry of Economic Development and Digitalization and the Organization for Entrepreneurship Development. To benefit from support and financing, businesses will be able to submit applications starting this April.