The Government approved the program to attract remittances to the economy “PARE 1+2”. The new program, in the 1+2 formula, comes to supplement the program “PARE 1+1” and offers financial support for developing businesses started by migrants, IPN reports.

The program was designed by the Ministry of Economy and the Organization for the Development of Entrepreneurship. The beneficiaries will be able to obtain financial support in two stages. At the first stage, non-reimbursable assistance will be provided based on the “1+1” rule, which is each leu invested from remittances will be supplemented with 1 leu within the program. The maximum value of the grant will be 250,000 lei. At the second stage, non-reimbursable financial support for expanding businesses will be offered based on the “1+2” rule and will be intended for beneficiaries that successfully implemented the investment project at the first stage (including beneficiaries of “PARE 1+1” program) and intend to extend the economic operations by increasing production capacity, diversifying products, entering new markets, etc. The non-reimbursable assistance based on the “1+2” rule will be provided in the amount of up to 500,000 lei.

“The improvement of the program will significantly contribute to amplifying the impact on the economy by developing businesses started by migrants, increasing investment in the economy, enhancing competitiveness of small and medium-sized businesses in the Republic of Moldova and improving the quality of the provided products and services,” said the Ministry of Economy.

The program implementation period is of 36 months. It could be extended based on the available additional financial resources. A sum of 30 million lei is needed annually for implementing the program.