The Cabinet approved the bill to ratify the Memorandum of Understanding between the Republic of Moldova and the European Union for the provision of €150 million in financial assistance, IPN reports.

The disbursement is expected to take place in three tranches to be released between 2022 and 2024. Of the total amount, up to €120 million shall be provided in the form of medium- to long-term loans at favorable financing conditions and up to €30 million in the form of grants.

The Cabinet on Wednesday approved the bill to ratify the grant agreement and the credit facility agreement.

The assistance shall contribute to strengthening Moldova’s resilience in the current geopolitical context, and covering Moldova’s balance of payments needs

The Memorandum of Understanding between the Republic of Moldova and the European Union for the provision of financial assistance was signed on June 22. To take effect, it is to be ratified by Moldova’s Parliament.