Parliament on September 23 adopted the bill to ratify the agreement on additional financing between Moldova and the International Development Association (IDA) for implementing the Moldova Competitive Agriculture Project. In the same sitting, the MPs endorsed the initiative to ratify the financing agreement between Moldova and the IDA and the lending agreement between Moldova and the International Bank for Reconstruction and Development (IBRD) for modernizing fiscal administration, IPN reports.

The agreement on the implementation of the project in agriculture envisions a US$10 million loan that will be available to farmers for enhancing the competitiveness of the agri-food sector by strengthening food safety management and increasing soil productivity by sustainable land management. The money is intended for improving project management and for providing grants for augmenting sales. The groups of producers will be able for seevral consecutive grants, within the cap of US$ 350,000i.

A loan of 5.3 million Special Drawing Rights (over US$7 million) will be borrowed within the financing agreement between Moldova and the IDA, while within the lending agreement between Moldova and the IBRD for modernizing fiscal administration - a loan of over US$12.5 million.

Under the bill, the signing of the two agreements enabled the World Bank to provide US$20 million in financing to Moldova.