Chisinau: The International Bank for Reconstruction and Development (IBRD), the main lending institution of the World Bank, will provide a $55 million loan to Moldova for the development of agriculture, the Moldovan Agriculture Ministry said in a statement.
A relevant agreement was signed by Deputy Prime Minister, Agriculture Minister Vladimir Bolea and World Bank Country Manager for Moldova Inguna Dobraja.
Earlier, the World Bank reported that its Board of Executive Directors approved the allocation of $55 million to finance the Agriculture Governance, Growth and Resilience Investment (AGGRI) project for Moldova.
“Deputy Prime Minister Vladimir Bolea and World Bank Country Manager for Moldova Inguna Dobraja today signed a loan agreement between the Republic of Moldova and the International Bank for Reconstruction and Development for the implementation of the Agriculture Governance, Growth and Resilience Investment (AGGRI) project. The financing program is worth $55 million and will be implemented in our country until 2029,” the Agriculture Ministry said.
Investment will in particular be directed to the development of low-efficient areas of agriculture, the creation of jobs and market opportunities, the introduction of sustainable agricultural practices and the promotion of environmentally friendly production.
Since Moldova joined the World Bank in 1992, more than $1.3 billion has been allocated to Moldova.