EIB announces new investments for Moldova in 2023

By spending almost 280 million euros in loans and mobilizing around 16 million euros in grants for the public and commercial sectors in 2022, the European Investment Bank (EIB), the bank of the European Union, is proceeding to offer financial support to the Republic of Moldova, the EIB said in a press release.

At the third ministerial session of the Moldova Support Platform, EIB Vice President Teresa Czerwiska announced fresh investments for 2023 in significant areas of the Moldovan economy, including funding for projects related to transportation, energy, and health care.

By making these expenditures, Moldova will be able to lessen the negative economic and social repercussions of Russia’s invasion of Ukraine and advance its EU membership.

The EIB reaffirmed its readiness to maintain its involvement in the nation, particularly to aid Moldova in overcoming the major obstacles it presently faces in the economy and energy sector, in accordance with EU and Moldova’s goals.

The EIB anticipates disbursing loans of between €150 million and €170 million in 2023, together with grants, technical support, and loans of a similar amount. The financing is anticipated to support a wide range of initiatives, including responding to the country’s needs in the health and digitalization sectors as well as investing in Moldova’s agri-food industry, all in accordance with the European Green Deal effort in the area.

Moldova has difficult economic and social issues as a result of Russia’s conflict with its neighbor Ukraine. Numerous supply chain disruptions, missed trade opportunities, a sharp rise in energy costs, rising inflation, and the humanitarian crisis brought on by the massive influx of war refugees from Ukraine are among them. In order to lessen these detrimental consequences on the national economy, the Moldovan government and the EIB have been cooperating into 2022.

As a result, Moldova’s inclusion into the trans-European transport network and the European Union has been sped up by the EIB’s €150 million loans for the rehabilitation of key roadways. By the end of 2022, it intends to provide Moldova with an extra €100 million for the renovation and improvement of other important national highways.

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