During its 20 years of work in Moldova, the European Bank for Reconstruction and Development (EBRD) financed 114 projects to the value of over €1.1 billion, Head of the EBRD Office in Chisinau Julia Otto said in a news conference held to mark the 25th anniversary of the foundation of the Bank, which coincides with the completion of Julia Otto’s duties in Moldova, IPN reports.

Julia Otto said that in 2011, when she took up her duties, Moldova went through a period that was full of events and challenges. Since 2011 until now, the EBRD increased the annual volume of financing for Moldova from €60 million to €100 million. The Bank financed projects not only in Chisinau, but also in the municipality of Balti and in other regions of the country.

According to the official, for the private sector to develop, the infrastructure needs to be developed. That’s why the EBRD invested in road building in Moldova. “In 2015, despite a series of political and financial challenges faced by the Republic of Moldova, we managed to maintain the volume of financing at the level of €100 million for 12-15 projects in the private sector and in the municipal sector,” stated Julia Otto.

The Head of the EBRD Office in Chisinau noted that in 2012 the Bank contributed to constituting the Economic Council as a consultative body under the Prime Minister. Among the Council’s duties are to facilitate the public-private dialogue at the highest decision-making level so to promote the economic development of Moldova, to improve the investment climate and business environment so as to ensure the prosperity of the small businesses in Moldova.

The European Bank for Reconstruction and Development was founded in April 1991 to finance countries in the ex-Soviet area and in Eastern Europe and favor the creation of market economies in these areas.