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Oct 30, 2009 16:01 EEST
October 30 (SeeNews) - The World Bank board of directors has approved an additional financing credit for Moldova in the amount of $24 million (16.2 million euro) under the Competitiveness Enhancement Project, the lender said.
"The additional financing will complement the existing allocation of $14.3 million and will be used to scale-up matching grants to Moldovan businesses in improving their productivity, and provide lines of credit for investments and working capital needs of Moldovan export-oriented enterprises," the World Bank said in a statement on Thursday.
The additional financing will support Moldovan exporters in accessing new credit lines, which are so vital given the current economic crisis, and help Moldovan enterprises improve their management and production practices, World Bank country manager for Moldova Melanie Marlett said in the same statement.
The Competitiveness Enhancement Project was launched in February 2006. The project assisted over 130 companies so far. It has fully equipped three national metrology laboratories, with another five to be completed by end of 2010, the bank said.
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