The International Development Association (IDA) that forms part of the World Bank Group will offer Moldova €30.1 million for implementing the Land Registration and Property Valuation Project. The agreement with the IDA that was signed on September 17, 2018 was approved by the Cabinet and is to be submitted to Parliament for ratification, IPN reports.
The largest part of the financial assistance provided by the IDA, €15.3 million, will be used on the primary registration of real estate, while €5 million will go to valuate property. The land administration system will benefit from €7.8 million in financing for strengthen its capacities. The rest of the money will be used to consolidate project management and capacities.
The €30.1 million loan will be provided in the form of an investment project in concessional conditions for a period of 30 years. The grace period is five years and the fixed interest rate is 1.38% a year.
