The Council of the European Union has given its final approval for the allocation of a €1.9 billion loan aimed at supporting reforms and economic growth in the Republic of Moldova, IPN reports.

According to a press release, this loan is the financial pillar of Moldova’s Growth Plan, presented by the European Commission in October 2024. It will support the Republic of Moldova from 2025 to 2027.

Up to €385 million will be allocated as grants, while the rest of the amount will be provided as loans under favorable conditions.

"Today, we are helping Moldovans advance key socio-economic reforms, boost their economy, and accelerate the country’s EU accession. The new instrument will also strengthen Moldova’s resilience by reducing the impact of Russia’s unjustified war in Ukraine," stated Poland’s Minister for European Affairs, Adam Szłapka.

The European Parliament approved last week, with 499 votes in favor, the largest financial support package for the Republic of Moldova since its independence.

On October 10, 2024, the European Commission presented Moldova’s Growth Plan, based on three pillars: supporting the Republic of Moldova’s key socio-economic and fundamental reforms, strengthening access to the EU’s single market, increasing financial assistance in the 2025-2027 period through a specific Reform and Growth Mechanism for the Republic of Moldova.