Loan provided by WB to support exports is used appropriately

The Moldovan companies show special interest in the credit line for supporting exports opened by the World Bank in the national banks, said Aurel Casian, the head of the unit for implementing the WB’s Competitiveness Enhancement Project, quoted by Info-Prim Neo. “The World Bank agreed to increase financing for the Competitiveness Enhancement Project that has been implemented since 2006 by US$24 million. US$22.5 million of this sum is designed to support exports. The credit line was opened in four banks - Moldova - Agroindbank, Victoriabank, Energbank and Mobiasbanca – three months ago. Fifteen companies have applied for financing so far. Six of the applications have been accepted, while the others are being examined. The companies ask for US$6 million, which is 25% of the total loan. We consider the loan provided by the World Bank is used appropriately,” Casian said. According to him, the mentioned banks are now looking for potential clients. The credit line is intended for private exporting companies working in all the sectors of the national economy that can repay the loans according to the agreed schedule. The base rate on the loans in dollars is LIBOR for the last six months plus 1%, while on the loans in lei – the average rate of inflation plus a margin of 2%. The banks calculate the interest rate according to the base rate. The projects proposed by the companies must meet a number of criteria, be environmentally friendly, while the goods and services within these projects must be bought by contest. The projects to purchase land, lease buildings, produce tobacco articles, pesticides and toxic substances, build administrative offices will not be accepted.

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