The European Bank for Reconstruction and Development (EBRD) and the Moldovan government signed a new cooperative initiative on Wednesday.

The initiative aims to facilitate growth in the investment climate in Moldova and strengthen governance.

Reforms to improve the landscape for businesses and investment mechanisms are included in the plan. Support from the EBRD will come in the form of technical and legal assistance to allow competition to grow to a healthy state.

"The significance of this memorandum of understanding in relation to EBRD is very important for Moldova," Prime Minister Iurie Leanca said. "It is focused on key areas to ensure Moldova's transformation into a functional economy."

The Moldovan response and willingness to help shape an improved financial foundation allows the EBRD to be able to back the country in this effort. The initiative addresses issues of transparency and fairness as well.