The French Development Agency will offer the Republic of Moldova a €15 million loan. The Cabinet on Wednesday approved the signing of a loan agreement concerning the provision of financial assistance for covering the budget deficit of the Republic of Moldova, IPN reports.

The loan is provided at a fixed interest rate of 1.38% annually. It is repayable in 15 years, with a grace period of five years. The money will be disbursed in one installment, but not later than November 30, 2022. The 20 equal payments on the loan will be semiannual.

The financial resources will be used to finance the state budget needs, including for health services, education or social transfers.