Minister of Economy Valeriu Lazar and World Bank Country Manager Abdoulaye Seck signed a grant agreement between the Republic of Moldova, the International Bank for Reconstruction and Development and the International Development Association for preparing and implementing the Competitiveness Enhancement Project II (CEP II), IPN reports.

According to a communiqué from the Ministry of Economy, the total value of the grant is US$495,500. The Ministry will create a council for general supervision, coordination and strategic orientation of the project.

The World Bank’s CEP II aims to improve the competiveness of national companies, especially small and medium-sized businesses, by facilitating access to long and medium-term funding and to new markets and by improving the business regulatory framework. The total value of the project is US$45 million.