The Republic of Moldova is to borrow 15 million euros from the French Development Agency, after the Government on Wednesday approved the start of negotiations, IPN reports.

According to Minister of Finance Dumitru Budianschi, who has been designated as chief negotiator on behalf of Moldova, the money will be used to finance State Budget needs, including health care services, education, social transfers, etc.

The contract to be negotiated is for a loan in the amount of EUR 15 million at a fixed interest rate of 1.38% per annum, with a maturity of 15 years, including a five-year grace period.