The European Bank for Reconstruction and Development (EBRD) and the Republic of Moldova signed a €23.5 million loan agreement to enable Calea Ferată din Moldova, the state-owned railway operator, to continue infrastructure upgrades. The agreement was signed by Managing Director for Eastern Europe and the Caucasus at the EBRD Matteo Patrone and Deputy Prime Minister, Minister of Infrastructure and Regional Development Andrei Spînu, IPN reports, quoting a press release of the EBRD.

Matteo Patrone underscored the Bank’s support for Moldova and welcomed the new government’s commitment to reforms during a visit to the country this week. Together with Angela Sax, the EBRD’s Head of Moldova, Mr Patrone met Prime Minister Natalia Gavriliţa, Economy Minister Sergiu Gaibu and Deputy Prime Minister, Minister of Infrastructure and Regional Development Andrei Spînu and the National Bank Governor Octavian Armașu. Discussions focused on much-needed reforms, the business environment and ways to finance local companies’ growth to create jobs, support the development of infrastructure and attract foreign investment to the country.

Matteo Patrone told Prime Minister Gavriliţa that the EBRD is a strong supporter of Moldova and remains fully committed to the country’s economic development. “Implementing the administration’s ambitious agenda will send a strong signal to the private sector and help unlock jobs-generating investment by local and foreign investors alike. We stand ready to support the business environment with investment, advice and technical assistance,” he stated.

The Bank is a leading institutional investor in Moldova and, to date, has invested more than €1.4 billion in the country through 146 projects. It has also provided advisory services to more than 1,000 Moldovan firms to help them improve performance and grow.