The International Development Association, which is a member of the World Bank Group, will lend Moldova €30.1 million for implementing the Land Registration and Property Valuation Project. Parliament on November 8 ratified the relevant financing agreement, IPN reports.

Dorel Noroc, division head at the Ministry of Finance, said in Parliament that the loan will be provided in the form of an investment project in concessional conditions, repayable in 30 years. The grace period is five years, while the interest rate is fixed and is 1.38% annually.

€15.3 million will be used to register land, while €5 million to valuate property. The land administration system will get €7.8 million in financing for strengthening its capacities. Other means will be used to strengthen the project management capacity.

Communist MP Oleg Reidman criticized the bill, saying many generations of Moldovans will repay these loans and it is not clear what the government banks on when raising them. Things in the land sector should be brought in order, but the only goal of the government is to collect taxes from the population and business entities, including rental. The document does not make it clear what the long-term impact on the economy will be. The government wants to show before the elections that it is supported by international organizations.