Parliament gave a first reading to the bill to ratify the €50.1 million loan agreement for investments in agriculture with the International Bank for Reconstruction and Development, IPN reports.
Under the agreement, the money will be used to implement the Moldova Agriculture Governance, Growth and Resilience Investment (AGGRI) Project. The project will help the country to improve delivery of public agricultural services, foster market-oriented growth, increasing the economic resilience of targeted beneficiaries, and provide effective mechanisms of responding to emerging crises.
The loan is repayable in 25 years in 50 installments as from September 15, 2028. The initial fee is 0.25% of the loan. The commitment fee is 0.25% a year of the unused loan amount. The interest rate is the reference rate plus the variable margin or the rate that can be applied as a result of a conversion.
The Moldova Agriculture Governance, Growth and Resilience Investment (AGGRI) Project is to be implemented until September 2029.
The bill to ratify the agreement is to be given a final reading.
