MCC to provide US$262m in financing to Moldova

The Board of the Millennium Challenge Corporation (MCC) decided to provide financing in the amount of US$262 million to Moldova to implement the Compact Program, Prime Minister Vlad Filat announced at a news conference.

The conference was preceded by a discussion of the Premier and the U.S. Ambassador Extraordinary and Plenipotentiary to Moldova Asif J. Chaudry.

The Compact Program presented by Moldova to the MCC at the start of last year has two components. Vlad Filat said that US$133 million will be allocated for the road rehabilitation component, while US$102 million for developing irrigation in the agrarian sector and for transition to advanced agriculture. The other US$30 million will be used to administer the program and make feasibility studies and to train the specialists working in the areas that will benefit from financial assistance.

The U.S. Ambassador spoke about the steps that must be taken to implement the MCC Board's decision. He said that the U.S. Congress must be notified of the intention to provide financial support to Moldova. The notification process was initiated on September 22 and will last for 15 days, until October 6. If none of the Congress members have objections, the talks with the Government of Moldova will be opened.

Info-Prim Neo