March 21 (SeeNews) - The European Investment Bank (EIB) said that it will lend Moldova 30 million euro ($32.3 million) for upgrades of its electricity distribution grid in the central and southern parts of the country, including Chisinau.
The project is co-financed by the European Bank for Reconstruction and Development (EBRD) through a parallel loan in the same amount, the EIB said in a press release.
The investment will be carried out over a four-year period. The programme will be implemented by Premier Energy Distribution, Moldova’s largest private electricity distribution system operator, which serves about 70% of the country, according to the EIB.
The investment will help the country tackle its energy crisis, while maintaing electricity affordable to consumers.
"We welcome this new loan by the EIB to implement the energy digitalisation action plan. The development of a cyber-secure, transparent and competitive market for digital energy services allows for an efficient integration of renewable energy," Janis Mazeiks, Ambassador of the European Union to Moldova, was quoted as saying.