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EBRD to further support reforms in Moldova

EBRD to further support reforms in Moldova

CHISINAU (Moldova), July 19 (SeeNews) - The  European Bank for Reconstruction and Development (EBRD) on Friday pledged continued support for Moldovan reforms.

The bank is prepared to step up its advisory work for small and medium-sized enterprises (SMEs) and increase their access to finance through local lenders, EBRD said in a press release on Friday.

It also aims to help modernise state-owned companies and finance projects that have a direct impact on people’s lives such as improvements in waste management, water supply, public transport and healthcare. 

"The EBRD remains fully committed to Moldova. Building on the turnaround of the banking sector, the country needs further progress in creating a stable and reliable business climate. More favourable conditions for both local and foreign investors will help businesses grow, create jobs and curb emigration,"  EBRD vice president Alain Pilloux said during a visit to Chisinau.

Discussions between EBRD officials and Moldovan authorities focused on much-needed reforms, the business environment, and ways to finance local companies’ growth to create jobs, support the development of infrastructure and increase the flow of foreign investment to the country.

Alain Pilloux also commended the latest agreement reached with the IMF as a sign of Moldova’s commitment to reforms, including tax compliance and modernization of the banking sector and welcomed news that the EU stands ready to unlock aid to the country.

EBRDr urged Moldovan authorities to step up the implementation of large infrastructure projects, including road building and the upgrade of railways.

Earlier this month, the International Monetary Fund (IMF) said it has reached a staff-level agreement with the Moldovan government on a loan arrangement review that would make available a further $46.5 million (41.4 million euro) to the country.

The EBRD is a leading institutional investor in Moldova and to date has invested over 1.2 billion euro in the country. It also provides business advice to local SMEs and has to date helped about 1,000 Moldovan firms improve their performance and grow.

($=0.8898 euro)