August 31 (SeeNews) - The World Bank said on Friday it is lending Moldova $35 million (29.9 million euro) for a project that aims to increase the security of land property rights for Moldovans.
Moldovan citizens, local and foreign investors, government institutions and agencies will benefit from enhanced security of property rights and more developed real estate markets thanks to the Land Registration and Property Valuation Project (LRIP), the World Bank said in a press release on Friday.
"LRIP project will ensure the continuity of our previous work on mass registration of property in Moldova over the years," World Bank country manager for Moldova Anna Akhalkatsi said.
The project will enable the Moldovan authorities to conduct mass registration and valuation nationwide with no direct costs to citizens and businesses, the bank added. Also, it will contribute to strengthening the rule of law and the accountability of institutions by enhancing the security of property rights, increasing the transparency of property data and improving efficiency of the cadastre system.
LRIP addresses Moldova's priorities for poverty reduction and increasing shared prosperity, identified by the World Bank's 2016 Systematic Country Diagnostic for Moldova, and is aligned with the objectives of country's National Development Strategy - Moldova 2020.
Since Moldova joined the World Bank Group in 1992, over $1 billion has been allocated to approximately 60 projects in the country. Currently, the World Bank portfolio includes 10 active projects with a total commitment of $357.9 million.
($= 0.8568 euro)