WB offers additional financing to support Moldovan exporters

The World Bank will provide additional financing in the amount of US$24 million for the Competitiveness Enhancement Project agreed by the Moldovan Government and the International Development Association (IDA) in December 2005, Info-Prim Neo reports. The Government of Moldova set up a group of negotiators that will carry out talks to obtain the money as soon as possible. Deputy Minister of Economy and Trade Sergiu Sainciuc was empowered to sign the agreement with IDA. The additional financing will be used to open a credit line in national banks that will then lend to exporting companies that need capital investment and circulatory means. The credit line will be US$22.5 million. The remaining US$1.5 million will go to extend a Mechanism of Grants working as part of the project, which is intended for companies that want to obtain the international quality management system ISO. The implementation and certification costs are 50% covered. The maximum co-financing sum is US$10,000 – the equivalent in lei - for a company. The additional financing is designed to facilitate access for private companies to loans and consultancy services, improve competitive advantages and productivity. The Competitiveness Enhancement Project in Moldova started to be implemented in February 2006 and will be completed in December this year. Its cost is US$14.3 million, including the US$9.8 million IDA credit.