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EBRD President makes first visit to Moldova
Jan. 22-24 2002
The President of the European Bank for Reconstruction and Development, Jean Lemierre, arrives in Moldova tomorrow on a three-day official visit, the first by an EBRD President.
Mr Lemierre will meet with President Vladimir Voronin, Prime Minister Vasile Tarlev and the First Deputy Prime Minister, Minister of Economy and Reforms Andrei Cucu, as well as other senior government officials to affirm the EBRD's support for Moldova and encourage further progress in economic and structural reforms. Mr Lemierre will also meet with local business leaders.
Mr. Lemierre will highlight the importance of a sound investment climate to attracting foreign direct investment. In line with its new Country Strategy for Moldova, published late last year, Mr Lemierre will be exploring new opportunities to invest in the private sector, particularly agribusiness, small businesses and supporting privatisation.
In November 2001, the EBRD lent $25 million to three recently privatized Moldovan electricity companies, alongside the International Finance Corporation, the private sector arm of the World Bank Group. Retelele Electrice Chisinau SA, Retelele Electrice Centru SA and Retelele Electrice Sud SA are majority owned by Unión Fenosa, one of Spain's largest utility companies, and supply electricity to approximately 720,000 retail customers in Moldova. The investment supports an important foreign investor in Moldova and contributes to upgrading and enhancing the capacity and reliability of the national power grid.
To date, the EBRD has signed 24 investment projects worth a combined €204.7 million in Moldova's agriculture, energy, municipal utilities and banking sectors.
Mr Lemierre said Moldova has come along way in establishing democracy and the foundations for sustained economic growth. But he noted that there is still a great deal more work to be done and the EBRD is eager to help.
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