Moldova borrows US$40m for reforming education

The Republic of Moldova and the International Development Association signed an agreement on the financing of the Education Reform in Moldova Project. Under the agreement, Moldova will get a loan of US$40 million repayable in 25 years, Info-Prim Neo reports. According to a communiqué from the Ministry of Finance, the objective of the project is to improve the quality of education by supporting reforms in the education sector. By this operation, the World Bank supports the Moldovan Government’s efforts to enhance productivity and competitiveness so as to attract new investments to the national economy. The money will help develop and implement quality standards in schools, improve the student assessment systems and increase efficiency by creating a more flexible education system. The loan is repayable in 25 years, with a grace period of 5 years, at an interest rate of 1.25% a year.