The World Bank will invest €50 million to facilitate the development of small and medium-sized enterprises (SMEs) in the Republic of Moldova. The announcement was made by Deputy Prime Minister Dumitru Alaiba, Minister of Economic Development and Digitization, and World Bank Country Manager for Moldova Inguna Dobraja in a news conference, IPN reports.

“We are here to launch a new initiative of the World Bank for small and medium-sized entrepreneurs. Economic development is one of the priorities of the current Government, which means trust in tomorrow for each entrepreneur and citizen. It is our responsibility to develop the economy,” stated Dumitru Alaiba.

The project financed by the World Bank has a budget of €50 million and has such components as digitization and the regulatory reform and access to finances for the SMEs to be able to access loans, with the state being the guarantor, and for developing small and medium-sized enterprises for increasing exports.

World Bank Country Manager for Moldova Inguna Dobraja said that the World Bank’s goal is to encourage government policies for developing the country’s economy and offering the necessary support to entrepreneurs.

“We are very glad that we can offer this support for the economic development of the Republic of Moldova and this is a continuous of our commitments. The World Bank the past ten years invested a lot in an efficient business environment,” said Inguna Dobraja.

The Moldovan entrepreneurs can already file applications to the Organization for Entrepreneurship Development (ODA) for receiving support. “We are ready to get applications at the ODA. The project will last until 2027,” said the organization’s director Dumitru Pîntea.