Moldovan industrial sector to get EU cash

A total of 59 companies have been awarded non-reimbursable funding totalling some MDL 25mn (EUR 1.3mn) as part of a MDL 544mn (EUR 28.29mn) EU-led stimulation initiative.

Since the beginning of the year, the Organization for Entrepreneurship Development (OED) has already facilitated grants of over MDL 144mn to 356 companies, with nearly MDL 116mn from the state budget.

Of the MDL 246mn disbursed this year, MDL 142mn has been allocated from the EU to go to 35 companies. The Moldovan government will support 22 firms to the tune of MDL 98mn, while 2 companies will receive MDL 644,000 from the World Bank.

Around half of the investments are directed towards industry, while 30% will go to the services sector, including professional, scientific, technical, hospitality and educational firms. The remaining 20% will help agricultural businesses green their operations.

Moldova on ‘European journey’ – deputy PM

Moldovan Deputy Prime Minister and Minister of Economic Development and Digitalisation Dumitru Alaiba said “every lei invested in the creation and development of a business is a direct investment in the future of this country.

“By investing in our entrepreneurs, we are investing in Moldova’s European journey, supporting those who turn innovative ideas into reality. We are committed to continuing our support through reforms and financial options that facilitate their growth,” Alaiba added.

Ambassador of the European Union to Moldova Janis Mazeiks highlighted the importance of supporting small and medium-sized enterprises (SMEs). “99% of European businesses are SMEs, and the 24mn entrepreneurs across the EU are crucial to a sustainable and digital economy. Supporting SMEs is a priority for the EU’s assistance to Moldova,” Mazeiks said.

Organisation for Entrepreneurship Development director Vadim Codreanu said the “substantial backing from the EU and the Moldovan government will significantly impact our entrepreneurs, aiding in the modernisation and expansion of their businesses”.

The grants are distributed through programmes managed by the OED, including the Women’s Entrepreneurship Support Programme, START, “PARE 1+2”, the SME Digital Transformation Programme, the SME Retooling and Energy Efficiency Programme, the SME Greening Programme, and the SME Export Competitiveness and Internationalisation Programme.