IFAD will provide $13.2m to Moldova for new program in rural area

A working group, whose composition was confirmed by the Government, will negotiate a new Rural Financial Services and Marketing in Moldova Program with the International Fund for Agricultural Development (IFAD) in September, Info-Prim Neo reports. The program has an available budget of $13.2 million, $0.5 million out of which will be offered as grant. The program's goals are to reduce rural poverty in Moldova by creating conditions that enable the poorer and poorest members of rural society to increase their incomes, and to expand smallholder farmers' opportunities for employment and participation in competitive agricultural supply chains by making financial services more accessible to smallholders, off-farm rural women, young farmers, and off-farm entrepreneurs and processors. IFAD has so far implemented several projects in Moldova in such areas as improvement of agricultural services and enhancement of rural companies’ competitiveness. The IFAD loan is repayable in 49 years with a grace period of 10 years, at a yearly interest rate of 0.75%.