Economics Minister Sergiu Gaibu and World Bank Country Manager for Moldova Inguna Dobraja have signed an agreement, which provides for the financing for the project on Competitiveness of the Micro-, Small- and Medium-sized Enterprises (IMMM) worth $50 million.
The project on the competitiveness of IMMM will support the access to financing for enterprises through loan guarantees and will strengthen the capacity of the loans guaranteeing fund. Also, through the project, support will be provided to IMMM, in order to enhance the competitiveness and exports. Special attention will be paid to the quality infrastructure field; in this respect, the capacities of the bodies of assessing the conformity in the economy’s sectors, with export potential, will be developed, in order to cope with European and international requirements.
“The project is adjusted to the government’s strategy of backing the development of IMMM and will contribute to the improvement and optimization of the business services. It will also allow IMMM become more competitive and will facilitate their access to financing, which will contribute to the increase in the Moldovan exports and to the creation of jobs, which is quite important in the context of getting by Moldova of the status of country candidate for accession to the European Union,” Inguna Dobraja said
Another dimension of support, provided through the project, refers to the digitalization of the governmental services for business, simplification of the procedures of issuance of permissive acts, in order to reduce the burden of regulation the enterprises are confronting with.
“The project will bring benefits both to the business environment and the public institutions, for which we thank the partners from the World Bank. The support of entrepreneurs will lead to the development of businesses, consolidation of exports and attraction of new investments in Moldova. The Organization for Small- and Medium-sized Enterprises Sector Development will also benefit from this project and the Organization will enhance its capacities of backing entrepreneurs through trainings and grants provided,” Sergiu Gaibu said.
Since Moldova’s accession to the World Bank in 1992, more than $1.3 billion have been allocated for over 60 operations in the country. Presently, the World Bank’s portfolio includes 12 active projects, with an overall commitment of $638.1 million. Among the sectors of support, there are the reform of regulation and development of business, modernization of governmental services, fiscal administration, registration of lands, education, roads, health and social sectors, including the emergency response to COVID-19, agriculture, water, sewerage and energy. (Moldpres/Business World Magazine)
