EU, World Bank Group and Moldovan government invest in local entrepreneurship

A total of 66 companies from the Republic of Moldova have received grants amounting to 24.7 million MDL, the EU Delegation to Moldova announced on 31 July.

This support is expected to stimulate nearly 44 million MDL in investments in the national economy. The funds are accessed through several grant programmes managed by the Organisation for Entrepreneurship Development (ODA) in collaboration with the Ministry of Economic Development and Digitalisation of Moldova, and will be used for purchasing modern equipment and streamlining production processes.

The support is provided by the Government of the Republic of Moldova, which contributes 7.77 million MDL for 26 companies, and by the European Union, which supports 20 companies with 4.2 million MDL through the project ‘European Union for Small and Medium Enterprises’.

In addition, 20 companies benefit from grants worth 12.74 million MDL through the Competitiveness Enhancement and Value Chain Integration Programme, funded by the Government and the World Bank Group, and implemented by ODA and the World Bank Project Implementation Unit for Competitiveness Enhancement (UIPAC).

Currently, these companies employ over 1,267 people, and with the help of the grants, at least 478 new jobs will be created.