Chisinau administration gets US$10m loan from IFC

The Chisinau City Hall signed a lending agreement with the International Finance Corporation (IFC) on November 15, Info-Prim Neo reports. According to a communiqué from the City Hall, the money will be used exclusively to implement infrastructure projects, to fix up and construct water and sewerage systems and to completely repair at least three streets - Ion Creanga, Aleco Russo and Ion Inculet. The program covers all the mayor’s offices of the suburban settlements that will set up by at least one project to develop the water and sewerage system. The loan of US$10 million is repayable in 10 years, with a grace period of two years and an interest rate of 4.6% a year. Mayor of Chisinau Dorin Chirtoaca said the projects that will be implemented with this loan will contribute to the improvement of the living standards. “We hope the loan will benefit about 100,000 residents of Chisinau, who will have access to water and sewerage services of a higher quality and to a better quality of life that will affect everyone,” said Ana-Maria Mihaescu, the head of the IFC Mission. The International Finance Corporation is a subdivision of the World Bank Group. The talks between the Chisinau City Hall and the IFC had lasted for over two years. This is the first project implemented jointly by the municipal authorities and the Corporation.