Vladimir Baldovici, Moldova's Construction Minister, and Fang Yuanming, the president of China National Overseas Engineering Corporation (COVEC) and its deputy president Zhao Xiang signed a memo regarding China's disbursing a 1-billion-dollar loan to Moldova for infrastructure projects. The loan will be disbursed with a 15-year guarantee and a grace period of 3 years, Info-Prim Neo reports. “It's the first loan of such a value that Moldova negotiates with foreign donors,” said Vladimir Baldovici on 23 July. Signing the understanding memo proves the Chinese partners trust Moldova, the minister said. The money will be used to repair roads, water supply and sewerage systems, water cleaning and power plants. The talks will last 4 months, and will end in signing a disbursing agreement. The projects will start to be implemented after the Parliament ratifies the agreement and the process will last 6 years. Fang Yuanming says he's got a good opinion about Moldova and believes it can create a better future and enhance the living standard for its people. State-owned COVEC-CREC is the largest construction firm in China. It has 37 enterprises and 7 research institutes. It has carried out 1,550 projects in 60 countries. The American publication Fortune included COVEC-CREC in a top list of the largest companies in the world. It has subsidiaries in 23 countries.