November 20 (SeeNews) - Moldova's parliament said it approved a 18.94 million euro ($22.45 million) loan from the International Fund for Agricultural Development (IFAD) for the economic development of the country's poorest rural areas.
An additional $5.53 million (4.66 million euro) will be granted as a non-reimbursable aid from the Adaptation Fund, according to the project approved on Thursday and published on the parliament's website.
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The six-year loan from IFAD will finance investment in Moldova's rural areas with the purpose of reducing poverty and improving the standard of living. The financing will help make agricultural business more sustainable, more competitive and more attractive for investment, by implementing innovations and technologies adaptive to climate change.
IFAD is an international financial institution and a specialised agency of the United Nations that works to address poverty and hunger in rural areas of developing countries.
The Adaptation Fund was established under the Kyoto Protocol of the UN Framework Convention on Climate Change, and since 2010 has committed $720 million to climate adaptation and resilience activities, including supporting 100 concrete adaptation projects.
($= 0.8435 euro)