EC to Allocate EUR 12 mln to Moldova for Economic Development

The European Commission has said it will allocate €12 million euros to Moldova to support economic development and improve the business environment, the Moldovan government's press service reported this week.

The European Commission will provide more than €12 million to the Republic of Moldova to support economic development, improve the business environment and strengthen economic management capacity. The executive body has approved the start of negotiations on a financing agreement between the government of the Republic of Moldova and the European Commission.

The funds will be spent on financing measures related to the fair application of trade legislation, the effective management of state assets and public investments, the strengthening of investors' rights, and the promotion of reforms in the field of monitoring the financial sector.

In addition, the funds received will be used to assist the development of the economy and market opportunities in the regions of the country and in the autonomous region of Gagauzia.

Gagauzia is an autonomous territorial formation in the south of Moldova, created from settlements where more than 50% of the residents were Gagauzians or where the majority of residents in the referendums voluntarily agreed to enter the autonomy.

By Dimitri Dolaberidze