Moldovan cabinet approves concept of information system of financial guarantees' management

Chisinau, 18 October /MOLDPRES/ - Entrepreneurs will benefit from more security and transparency in providing guarantees. In this respect, the cabinet today approved the concept of the information system of management of financial guarantees for loans and the regulation on its work.   

According to the government’s communication and protocol department, the document implies the digitalization of the processes of demanding, consideration, monitoring and recovery of financial guarantees, meant for the loans borrowed by micro-, small and medium-sized enterprises.

The innovation is meant to replace the present way of the current procedures in the process of providing financial guarantees for loans, as the latter are based on the flow of documents on paper.

By digitalizing the processes, risks and vulnerabilities will be avoided, which regard the safety and integrity of information, as well as the time given to the procedures concerning the interaction between the participants in the process will be shortened.   

„The automation of these procedures will allow the electronic sharing of information with all actors involved in guaranteeing loans for small and medium-sized enterprises and will ensure the interoperability with other state systems, speeding up the communication between the participants and relevant entities,’’ a state secretary at the Economic Development and Digitalization Ministry, Mihail Lupascu, said.    

The technical solution was developed with the support of the Competitiveness Enhancement Project, financed by the World Bank. The system was piloted with funds from the donor and the maintenance costs for the next years will not exceed 130,000 lei.   

Photo: Government