Around 100 Moldovan entrepreneurs to benefit from €10.7 million grant from Germany

Chisinau, Nov 5 /MOLDPRES/- A grant worth 10.7 million euros, offered to the Republic of Moldova by Germany will be used to support the development of small and medium enterprises in our country. The Ministry of Economic Development and Digitalization (MDED) and the Organization for Entrepreneurship Development (ODA) have signed an agreement on implementation of the Project SME Development Facility of Moldova.

The document supplements the grant and draft agreement signed on March 11, 2024 between KfW, MDED and ODA, through which the Republic of Moldova will benefit from a non-reimbursable grant of up to 10.7 million euros from the Government of the Federal Republic of Germany through the German Development Bank (KfW) aimed at developing the local business environment.

According to the agreement, the funds are earmarked for two strategic directions. The grant of €10 million is earmarked exclusively for Moldova's Fund for Entrepreneurship and Economic Growth (FACEM), managed by ODA, to support the re-accreditation of Partner Financial Entities (PFEs), which will provide investment loans to small and medium-sized enterprises.

ODA director Vadim Codreanu said that the new SME development facility will provide small and medium-sized enterprises with access to financial resources, supporting them in expansion and consolidation.