The European Investment Bank (EIB) recently established The Fruit Garden of Moldova, a project to aid the horticultural economy of Moldova.

EIB will lend 120 million euros to Moldova's horticultural sector in an effort to increase competition and quality.

"These funds will help increase the living standards of Moldova's citizens while at the same time allowing the country to benefit from the free trade area with the EU," EIB Vice-President Wilhelm Molterer said.

Iuri Leanca, the prime minister of Moldova, welcomed the financial aid as a way to help farmers in a country where agriculture is a key economic asset.

"The Moldovan farmers, fruit and vegetable growers, will greatly benefit from this opportunity," Leanca said. "Our country has always been recognized for its agriculture products. There is, however, a lot of potential to still achieve."

Fifty-four percent of Moldova's total trade occurs with the EU. Over the course of 13 projects, EIB has loaned 586 million euros to Moldova since 2007.