The remittance-based investment program PARE 1+1 has been extended until the end of 2024, the Government decided on Wednesday. The Ministry of Economy is planning to spend 30 million lei annually on its implementation in the next three years.

PARE 1 + 1 is intended for migrant workers and their first-degree relatives who invest money obtained abroad in starting or expanding a business in Moldova. For each leu invested, the Program chips in with another leu, up to 250,000 lei per project.

During 2010-2021, more than 1,800 investment projects were co-funded under the Program, and more than 700 new businesses were started. Almost 50% of entrepreneurs are young people under 35 years of age.

Among the Program’s beneficiaries are migrants working in over 35 states. The largest share is held by people who invest in Moldovan business the money obtained in Italy, the Russian Federation and the United Kingdom. 32% of the total beneficiaries are women. Most businesses are in the field of agriculture and services.

The PARE 1+1 Program is implemented by the Organization for the Development of the Small and Medium Enterprises, being financed from the state budget and supplemented by European Union funds.