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EBRD and Moldova join forces to improve investment climate

By Olga Rosca

Head of EBRD Office in Chisinau, Julia Otto and Moldova’s Prime Minister Iurie Leancă at the signing ceremony

The European Bank for Reconstruction and Development (EBRD) has agreed a range of activities to support the government of Moldova to reform the business environment, encourage the development of the private sector and promote good governance.

Under a Memorandum of Understanding signed by Moldova’s Prime Minister Iurie Leancă and EBRD President Sir Suma Chakrabarti the two parties will join efforts to enhance the work of the EBRD-backed Economic Council to the Prime Minister; support the establishment of an independent mechanism to address concerns and complaints by businesses about instances of ill-treatment or unfair competition; develop alternative dispute resolution as well as arbitration procedures; and create a single, transparent registry of shares of Moldovan banks.

The EBRD will also provide additional technical assistance in areas such as public procurement and judicial capacity building. The parties will furthermore work together to improve corporate governance in state-owned enterprises, strengthen the Competition Council and enhance the capacity of Moldovan business associations.

Prime Minister Iurie Leancă said: “In the last few years, under the pro-European governments, Moldova has taken firm steps to a true market democracy and we are very hopeful that these steps will continue after elections. Moldova needs more. More transparency, more anti-corruption measures, more business climate reforms, more jobs, more efficient use of public funds, and, most importantly, more determination in carrying out reforms along these lines. This is what the Memorandum of Understanding is about.”

EBRD President Sir Suma Chakrabarti added: “Challenges in the investment climate and perceptions of corruption are holding Moldova’s economy back. We strongly welcome the authorities’ readiness to confront these issues through concrete action and we stand ready to support this effort. The implementation of this initiative will address issues of transparency, consistency and fairness and create a more level playing field for businesses. An improved investment climate will help Moldova’s economy grow, create good jobs and improve living standards.”

The EBRD is the largest institutional investor in Moldova. The Bank focuses on supporting private sector activity, promoting European standards and regional integration and developing efficient and sustainable public utilities. To date, the EBRD has invested some €900 million in over 100 projects.

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