GOVERNMENT APPROVES EXTENSION OF PARE 1+1 PROGRAM

The Program on Attracting Remittances into the Economy PARE 1+1 will be extended for 3 more years - till 2021. A corresponding draft law was approved by the Government on Thursday.

At the sitting, Minister of Economy and Infrastructure Chiril Gaburici said that the PARE 1+1 implementation in 2010-2018 contributed to the growth of investments in developing small and medium enterprises (SMEs) due to attracting funds, earned by Moldovan migrants abroad, and their returning home to open their own businesses.

"The PARE 1+1 is an efficient instrument for attracting funds to the national economy. It enjoys interest among migrants. I personally know a whole range of people, who managed to launch their own enterprise. We will be seeking other ways to return our compatriots from abroad to engage in entrepreneurship at home", he said.

It is planned to annually allocate 40 million lei for the program financing in 2019-2021. According to developers, this will allow beneficiaries to open around 480 enterprises.

As Infotag has already reported, the PARE 1+1 Program was launched in 2010 for a period of 5 years, while then the Government extended it till 2018. It is designed for migrant workers and/or their relatives of first degree of consanguinity, who want to invest and/or start their own business. It implies the providing of money for opening or developing personal business in the home country. Initially, the Government promised 1 leu per each leu invested by the beneficiary, but not more than 200 thousand lei.

Over the time of the program existence, more than 1300 benefited from this help. They received grants worth over 242 million lei and their investment in economy accounted for around 800 million lei.

Only in January-October 2018, 137 projects worth 32.21 million lei were approved, which helped attracting 86.27 million lei from the very beneficiaries.