The loans provided by microfinance organizations in five years will amount to 7.6 billion lei. This is stipulated in the strategy for developing the non-banking financial market for 2018-2022 that was approved by the Cabinet, IPN reports.

The bill also envisions the adjustment of the framework for regulating the activity of the non-banking lending market to the European standards. The surveillance of microfinance organizations will be improved based on risk prevention and management. Special attention will be devoted to the informing of the population about the opportunities of borrowing money from entities of the non-banking financial market.

Also, the National Commission for Financial Markets will implement prudential surveillance on the non-banking financial market and will organize professional training courses for participants in this market in a move to strengthen the authority of the entities of the non-banking financial market.

The GDP penetration rate of the non-banking financial market in 2016 was of only 5.09%. However, during the past five years, the loans released by savings and loan associations and other microfinance organizations doubled in volume, exceeding 10% of the total amount lent on the national market.