The World Bank’s Board of Executive Directors approved a US$45 million financing to the Republic of Moldova for the Second Competitiveness Enhancement Project, which will contribute to increasing the export competitiveness of Moldovan enterprises and decreasing the regulatory burden they face, IPN reports, quoting a press release of the World Bank.

The new operation supports the Government of Moldova’s National Development Strategy “Moldova 2020” goals of improving the business enabling environment and promoting better access to finance for enterprises. To achieve these priorities, the project will support the Government’s regulatory reform strategies, development of small- and medium-enterprises (SME), and initiatives to improve access to medium- and long-term finance for export-oriented companies.

“Moldova has a tremendous opportunity to boost exports-led private sector growth if it succeeds in strengthening its business enabling environment and increasing competitiveness. We look forward to working with the Government to help the country realize this opportunity, and ultimately create more jobs and greater prosperity for all Moldovans,” said Abdoulaye Seck, World Bank Country Manager for Moldova.

Since Moldova joined the World Bank in 1992, over US$1 billion has been allocated to 49 projects in the country. Currently, the World Bank portfolio includes 8 active projects with a total commitment of US$189.9 million. Areas of support include regulatory reform and business development, education, social assistance, e-governance, healthcare, agriculture, environment, and others.