The Organization for Entrepreneurial Development (ODA), a public agency reporting to the Ministry of Economy, has been launched. Its mission is to support the development of the entrepreneurial environment in Moldova, including small and medium-sized enterprises, by promoting entrepreneurial culture, issuing financial and state guarantees, as well as ensuring the infrastructure of business support.
According to the Ministry of Economy, the new agency is successor to the Organization for the Development of the Small and Medium Enterprises Sector (ODIMM) and will have a new organizational structure, an effective risk management system, and will carry out rigorous control over the way public money is used.
“It is an in-depth restructuring of the organization, not just a rebranding. The changes were absolutely necessary to broaden the authority of the institution and to find viable solutions for supporting and boosting the private sector of our economy. Through the ODA, we want to offer entrepreneurs all the support they need. We want to increase both programs and financial instruments to support entrepreneurs and help create jobs. In addition to the Guarantee Fund, currently available, we also want to develop a Development Fund, which will provide affordable resources to our investors to provide them with financing for a term of up to 10 years, at stable costs, protected from the risks of the financial system”, said Minister of Economy Sergiu Gaibu.
“We will offer a wider spectrum of programs and more quality assistance in the preparation of investment projects to contribute to the sustainable development of businesses, from launch to their internationalization,” said ODA interim director Dumitru Pîntea. The agency will digitize its internal processes to improve the interaction with the beneficiaries through an information system that will ensure a more rigorous control of the processes. The decision-making process will be changed through the establishment of an external finance and risk committee, composed of independent members from both the political and internal operational environment.
The reform of the organization and the creation of visibility elements are supported by the technical assistance project “Support for SMEs in rural regions”, financed by the European Union.