Chisinau, Moldova, February 24, 2012 — IFC, a member of the World Bank Group, in partnership with the Embassy of the Kingdom of Sweden in Chisinau and Moldova’s Ministry of the Economy, has launched a project to promote investment in Moldova and stimulate the development of the country’s agricultural sector.
The Investment Climate Reform Project aims to improve the conditions for doing business in Moldova and streamline agribusiness regulations with the aim of attracting new investments in the sector.
“I am very pleased that Sweden can provide substantial support also to this crucial reform”, said Ingrid Tersman, Ambassador of Sweden to Moldova. “A sound and transparent investment climate is needed to create a level playing field for all companies in Moldova and to attract FDI, national and international. I welcome the commitment of the Government of Moldova to enter into reform of this sector so crucial for the economic development for the country. Combined with a forceful reform of the justice sector, Moldova has the potential to become a country attractive to investors.”
IFC will offer the Moldovan government advice on how to improve and simplify regulations and encourage and retain investment, helping foster competitive markets, economic growth, and job creation.
“Moldova has significantly improved its regulations since independence,” said Tomasz Telma, IFC Director for Europe and Central Asia. “Regulatory reform is critical to leveraging the full potential of Moldova’s agribusiness sector and increasing its competitiveness by reducing the regulatory burden and simplifying conditions for business development.”
Moldova became a member of IFC in 1995 and IFC’s investment portfolio in the country currently stands at $86 million. Through a combination of investments and advisory services, IFC is helping increase access to finance by supporting the development of local financial institutions. IFC is also helping attract private sector investors to develop the infrastructure and agribusiness sectors.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.
About the Embassy of Sweden in Chisinau
The Swedish Embassy represents Sweden in Moldova, focusing on political and reform cooperation support to the country. Sweden is one of the largest European bilateral donors in Moldova, and works in strengthening democracy, human rights and gender, sustainable society and energy, and market development. A guiding principle for Swedish support to Moldova is the EU-integration aspirations of the country.