MOLDOVAN PARLIAMENT RATIFIES INTERNATIONAL AGREEMENTS

On Thursday, the Parliament of Moldova ratified a range of international documents, such as e.g. the amendment to the Credit Agreement, signed with the European Bank for Reconstruction and Development (EBRD), which stipulates conversion of the said credit from U.S. dollars into euros.

Minister of Finance Sergiu Puscuta explained that the 20-million-dollar credit for Moldova, intended for modernization of the power networks of the MoldElectrica state company, will be converted into euros, which will permit to reduce the interest rate and thus to be saving annually 2 million lei on servicing the credit.

The Parliament ratified also the Agreement concluded between Moldova and the International Development Association (IDA) on funding a project of modernization of the Moldovan electric energy system to an amount of 13.1 million euros, and yet one more document signed with IDA to an amount of 47.9 million euros for analogous purposes, but from another source.

The means are provided as assistance to connect the Moldovan and Romanian power networks. All in all, to achieve this goal, Moldova has ratified agreements total worth 261 million euros, of which sum 80 million euros each will be provided by the EBRD and the European Investment Bank (EIB), by the European Union - 39.9 million lei as a grant, and by the World Bank - 61 million euros.

As was already reported by Infotag, with this international assistance Moldova is going to expand the back-to-back station in Vulcanesti, to modernize a station in Chisinau, to build a power line between Vulcanesti and Chisinau, and to build a new office for the MoldElectrica state company, which is in charge of implementation of the project of modernization of the information system and control system.