Chisinau, June 7, 2016 – Ms. Satu Kahkonen, the newly appointed Country Director for Belarus, Moldova and Ukraine, together with Mr. Qimiao Fan, who was recently appointed as Country Director for Bangladesh, Bhutan and Nepal, visited Moldova to reaffirm the World Bank Group’s support for improved living standards and poverty reduction in Moldova.
The delegation, accompanied by Mr. Alex Kremer, World Bank Country Manager for Moldova, met with Mr. Octavian Armasu, Minister of Finance, and also with Mr. Sergiu Cioclea, Governor of the National Bank of Moldova. Discussions covered the Government’s development agenda, the banking sector and the World Bank’s program of support. The delegation also exchanged views on Moldova’s development challenges with representatives of international development partners.
Mr. Fan highlighted the World Bank’s advice on stabilization of the banking sector, and the importance of quick and decisive action. He also emphasized the need to reassure investors that they would be treated fairly in a transparent and efficient business environment.
Ms. Kahkonen appreciated the openness and depth of Moldova’s partnership with the World Bank, and how it was showing concrete results: for example, in farm modernization, school improvements, or more efficient district heating in Chisinau. She said that she is committed to supporting Moldovan citizens' aspirations for good jobs, government and services. Ms. Kahkonen will be based in Kyiv and will take on her duties from July 25, 2016.
Since Moldova joined the World Bank Group in 1992, over US$1 billion has been allocated to approximately 60 projects in the country. Currently, the World Bank portfolio includes 9 active projects with a total commitment of US$335.5 million. Areas of support include regulatory reform and business development, education, social assistance, e-governance, healthcare, agriculture, local roads and environment, among others.
The International Finance Corporation’s committed portfolio in Moldova is US$63.6 million (US$60.2 million outstanding). The portfolio is composed of 83 percent loans and 17 percent equity and quasi-equity. The Multilateral Investment Guarantee Agency has provided guarantees totaling US$95 million. Both institutions are members of the World Bank Group.