Government to negotiate €70m loan with CEB

The Government and the Council of Europe Development Bank (CEB) will negotiate a €70 million loan. The first component of the lending agreement refers to the healthcare sector, while the second envisions support for micro, small and medium-sized enterprises. The initiation of negotiations on the draft framework lending agreement was approved by the Cabinet on June 3, IPN reports.

The head of the delegation of negotiators, Deputy Prime Minister Serghei Pușcuța said the CEB offers flexible and swift financing to the member states for strengthening the public healthcare sector and alleviating the socioeconomic impact of the COVID-19 pandemic.

The health component to the value of €40 million will finance the purchase of medical equipment and consumables within emergency procedures. The money will also be used to rehabilitate and transform medical units, to mobilize additional expertise so as to ensure COVID-19 emergency response measures.

The second component to the value of €30 million includes financing for the current assets and investment needs of the micro, small and medium-sized enterprises affected by the crisis, helping them to keep the jobs.

The Government of Moldova projects that the loan will cover costs related to COVID-19 during the budgetary period of 2020-2022. The time limit for disbursement is June 30, 2022. The repayment period for the health component is 15 years, while for the support for the micro, small and medium-sized enterprises is 7 years.

The CEB financing represents at most 90% of the costs. Within the health component, the Government will co-finance the rest of the costs with funds from the development partners. Within the second component, the Government’s contribution will represent the revolving resources of the Credit Line Directorate from similar projects intended for the SMEs that were financed by other international creditors.

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