Moldovan government, top European bank launch new initiative on cooperation

Chisinau, 22 October /MOLDPRES/- The Moldovan government and the European Bank for Reconstruction and Development (EBRD) have launched a new initiative on cooperation. Prime Minister Iurie Leanca today signed a memorandum of understanding, in the presence of Head of the EBRD Bureau in Chisinau, Julia Otto. EBRD President Suma Chakrabarti signed the document on behalf of the bank in London, the government's communication and media relations department has reported. 

The initiative is focused on improving the investment climate and strengthening the governance in Moldova. Thus, the memorandum provides for the consolidation of the prime minister's Economic Council, supported by the EBRD, and speeding up the reforms aimed at improving the business environment and setting up efficient mechanisms in the investment sector, in order to prevent unfair competition on national market, settle litigations, as well as to develop arbitration proceedings between participants of Moldova's business environment.

Under the memorandum, EBRD will provide additional technical assistance in such sectors as: public acquisitions and consolidation of legal capacities. The sides will work together to improve the corporate governance at the state enterprises and financial institutions, to strengthen the Competition Council and enhance capacities of business associations from Moldova.

"The significance of this memorandum of understanding in relation to EBRD is very important for Moldova. It is focused on key areas to ensure Moldova's transformation into a functional economy", Leanca said. He expressed confidence that the memorandum's measures would provide more transparency in the financial system, more forms of business environment, more jobs and more efficient use of public funds.

For her part, Julia Otto welcomed the Moldovan authorities' determination to solve problems faced by the business environment by concrete actions. She expressed the EBRD's willingness to back the effort.  

“The memorandum’s implementation will approach issues related to transparency, fairness, and will create conditions for a fair competition for enterprises operating in Moldova”, Otto noted.

The EBRD is the largest institutional investor from Moldova. So far, it has invested about 900 million euros in over 100 projects.