The agreement for the provision of the first tranche of the Russian loan of €200 million was signed in Moscow, President Igor Dodon announced, being quoted by IPN.

“This is the first concrete financial support provided to our country from abroad in this period of crisis. The money will be transferred to Moldova’s state budget for satisfying the country’s needs, including for financing infrastructure projects,” President Dodon posted on Facebook.

Under the agreement, the first tranche of €100 million will reach the country within 30 days of the coming into force of the agreement. The second tranche is to be transferred by October 31, 2020.

The Moldovan side is to repay the loan during ten years and the first payment is to be made on March 15, 2021. The interest rate for Moldova is 2% a year.

Earlier, the authorities announced that the money from the Russian loan will be used to implement infrastructure projects. At the same time, the Government approved amendments to the state budget and a part of the budget deficit is to be covered with the loan provided by Russia, in the amount of 4.16 billion lei.