Moldovan parliament ratifies new agreement on financing with International Fund for Agricultural Development

Chisinau, 19 November /MOLDPRES/ - The parliament today ratified the agreement on financing between Moldova and International Fund for Agricultural Development (IFAD), in order to carry out the project, Improvement of capacities for transformation of rural areas (IFAD VIII).  

The agreement represents an investment project with financing from sources of the International Fund for Agricultural Development amounting to 18, 939, 000 euros – long-term loan and 5, 537, 415 dollars – a non-refundable grant financed from the Adaptation Fund.  

The final goal of the agreement is to ensure the wide-scale development of the economy through providing complementary investments, in order to improve the living standards of Moldova’s rural residents and reduce the poverty level. The money will be used, so that the businesses from agriculture become more sustainable, more competitive and more attractive for investments, through the implementation of adaptive innovations and technologies to the climate changes. The financing agreement has a six-year period.   

Also at the today’s meeting, the lawmakers ratified an amendment to the agreement on financing between Moldova and the International Development Association, for the carrying out of the project, Improvement of local roads.