World Bank provides $90 mln for supporting Moldova's economy, energy security

CHISINAU. May 12 (Interfax) - The World Bank's Board of Executive Directors has approved the Moldova Supporting Economic Opportunities and Climate Transition Development Policy Operation amounting to $90 million aimed at boosting the country's economic growth prospects and energy security while aligning with the European Union standards, the WB said in a statement.

Said budget support operations align with the WB's current partnership framework for Moldova and "are part of the World Bank's broader effort to support the government in responding to the energy and refugee crises and building resilience against future shocks," it said.

Simultaneously, Moldova will also receive $7.7 million in grants from the Moldova Growth, Resilience and Opportunities for Well-being (M-GROW) program and an $8 million grant from the Global Concessional Financing Facility (GCFF) to support the government's efforts addressing the refugee crisis. The GCFF contribution was provided by the government of the Netherlands, it said.

"Moldova has faced multiple crises that have strained household purchasing power and government resources, exposing weaknesses in the country's growth model, underscoring the urgent need for a fundamental economic transformation. Moldova has a unique opportunity to accelerate reforms that will enable stronger economic growth and faster job creation. Integration with EU markets and institutions paves the way for a more productive, diversified, and private sector-driven economy," it said.

Since Moldova became a WB member in 1992, the WB's aggregate resources disbursed for Chisinau have topped $2.3 billion. Current areas of support include energy, regulatory reform and business development, land registration and valuation, education, roads, health and social sectors, agriculture, water and sanitation.