PARE 1+1 program extended until 2015

The Government extended the pilot program on attracting remittances into the economy “PARE 1+1” until 2015, Info-Prim Neo reports, quoting a communiqué from the Government. The program was launched in November 2010 and is intended for migrant workers or their relative of the first degree, who want to invest in starting or extending a business in Moldova. Within the program, each leu provided from “PARE 1+1” attracts 2.7 lei into the economy. The fixed sum of the financing is 200,000 lei. The money within the program is provided as a grant. As many as 124 financing contracts with entrepreneurs have been signed so far. The sum allocated in 2011-2012 was 22.5 million lei. The investments attracted into the given project exceeded 76 million lei. A sum of 32 million lei will be allocated in 2013 for implementing this program. This is by 50% less than the sum allocated over two years. The “PARE 1+1” program was supported financially by the European Union during 2011-2012. The Economy Ministry’s Organization for Developing the SME Sector and the International Fund for Agricultural Development (IFAD) are holding negotiations to identify financing for the program in 2014-2015.