EBRD

Moldovan Prime Minister urges women to open businesses

Prime Minister Iurie Leanca attended an event dedicated to the Women in Business Programme of the European Bank for Reconstruction and Development (EBRD), financially supported by the Swedish government.

In just three years, the programme provided assistance to about 90 Moldovan enterprises, owned or led by women, as well as to companies with most women employed. The Women in Business initiative focused on the development of the women entrepreneurship, through various consulting services. Thus, women were helped to launch and develop their own businesses and capacities to manage companies. The Swedish government contributed with over 1 million euros to the project's implementation.

Leanca stressed that the role of woman in society was a basic one and was confident that the women's experience contributed to improve the living standards in Moldova. „Usually, there where women are managers, we find a larger openness towards everything that means innovations, critical analysis of the situation and interest to go faster, in order to overcome current problems. Thus, we are set to increase women's chances to participate in decision-making and not only to execute them,” Leanca said.

Iurie Leanca thanked partners who, via this initiative, had enhanced the capacities of businesswomen, as well as of the companies open by women in Moldova. „I urge Moldovan women to use to maximum all possibilities of this kind, including the dialogue platforms with the government, such as: the Economic Council to the Prime Minister. And I call on the foreign partners to continue to back such initiatives,” Leanca said.

For her part, Head of the EBRD Office Chisinau Julia Otto highlighted that the Women in Business programme had recorded progress, including due to support provided by the Moldovan government. Julia Otto confirmed that EBRD would continue to foster the role of businesswoman in the Moldovan economy.

The companies supported within the above-mentioned programme have extended their activities and increased their productivity, benefited from consulting services, in order to rise up their market quota, improve the quality management system and operational and financial management. Also within the programme, EBRD organised training on launch of business and develop leading capacities, and launched a mentoring programme, due to which Moldovan young and ambitious businesswomen were able to benefit from knowledge and advices on behalf of business ladies with greater experience from other countries.

EBRD is the biggest institutional investor from Moldova, which has invested 900 million euros in over 100 projects so far.

European money to restore railway infrastructure in Moldova

Prime Minister Iurie Leanca and Transport Director of the European Bank for Reconstruction and Development (EBRD) Sue Barrett today signed an agreement on financing the project on modernisation of the Moldovan Railways state-owned enterprise.

Under the agreement, the EBRD will invest 52.5 million euros to modernise the railways of Moldova. The money will be used for restoring railway infrastructure and purchasing ten new locomotives. It is worth mentioning that the EU co-finances the procurement of locomotives with a grant worth 5 million euros.

The project is focused on ample reform of the railway sector meant to improve its safety and effectiveness, as well as to reduce the energy consumption and related costs.

The project to modernise the railways of Moldova needs investments estimated at 116.75 million euros. Thus, the European Investment Bank will back this project with a similar loan granted by EBRD – amounting to 52.5 million euros. The project will also benefit from a grant of 1.75 million euros from the EBRD's funds, as well as from the Central European Initiative (CEI) and the Czech government.

Iurie Leanca appreciated the European partners’ willingness to back the modernisation of the Railways enterprise. “It is a strategic enterprise for the national economy, and the impact on reforming the railway sector will be surely felt by a large number of people, Moldova’s economy, and it will make Moldova to be a country of transition for goods from east to west and vice versa”, he said.

Sue Barrett said that Moldova’s development partners backed the restoration process to help the Moldovan government modernise the railway sector. “The Railway sector of Moldova needs fundamental reorganisation in order to be financially viable, to provide adequate transport services and be able to compete with other forms of transport, and our common investments, grants and technical consultancy will significantly contribute to this effort”, Barrett noted.

For his part, Head of EU Delegation to Moldova Pirkka Tapiola reiterated the European support for Moldova. “This investment is a strong message for potential investors willing to benefit from the Free Trade Agreement with Moldova and new opportunities in this country”, said Tapiola.

EBRD is the largest institutional investor from Moldova. The bank’s priorities in Moldova are related to supporting the activity of the private sector, promote European standards and regional integration and development of effective and sustainable public utilities. So far, EBRD has invested 900 million euros in over 100 projects.

Moldovan government, top European bank launch new initiative on cooperation

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 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.

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