After the launch of the Energy Efficiency Agency in 2011, steps are being taken to create the Energy Efficiency Fund (EEF) whose regulations were recently approved by the Government, Deputy Prime Minister and Minister of Economy Valeriu Lazar said in a public speech, quoted by Info-Prim Neo. He stated that about 180 million lei will be allocated from the state budget to the EEF this year. The money will be used to finance energy efficiency projects proposed by the public sector and the private one. According to Valeriu Lazar, the EBRD promised to open a credit line in the local banks, similar to that known as MoSEFF, which will provide co-financing for energy efficiency projects in the residential sector. “We are waiting for the decision of the EBRD Board of Directors as regards the loan of €20 million for modernizing the company Moldelectrica. Foreign companies will be able to take part in contests and win the right to execute the modernization works. An international contest will be announced this year to select the company that will construct the Ungheni – Iasi gas pipeline, whose financing is structured. Thus, the national and foreign businessmen and companies that want to invest in this sector will enjoy many opportunities,” said the minister. He promised that the Government will continue to make effort to improve the business and investment climate. He reminded that Moldova adjusted the main laws governing the energy sector to the European standards, including the Law on Energy Efficiency. The Law on Renewable Sources of Energy is being reviewed. Work is done on the normative framework required by these major laws that dictate the rules in the energy sector. The Government of Sweden and other foreign donors help finalize the updated Energy Strategy until 2020 that was approved in 2007. It will be presented in a public event on June 11.