The World Bank Group's board of directors approved the core objectives of the First Development Policy Operation on Friday in the amount of $30 million to support Moldova's economic growth.
The core objectives include helping spur growth in Moldova by enhancing its structural reform agenda and by supporting improvements in the business climate, promoting financial sector stability and development, and improving the equity and efficiency of public expenditures.
"We are pleased to support the government of Moldova's efforts to achieve sustainable and inclusive economic growth by shifting to a growth model based on investments, increased competitiveness, innovation and exports," Abdoulaye Seck, the World Bank's country manager for Moldova, said.
The financial support will go toward Moldova 2020, a national development strategy from the Moldovan government and part of the Moldova Country Partnership Strategy for 2014-2017.
"Our support is fully aligned with the country's national development priorities and aims to address key reforms that can contribute to spurring private-sector led growth, whilst making public investments work better and more equitably to reduce poverty and boost shared prosperity for all Moldovan citizens," Seck said.
Moldova joined the World Bank in 1992 and has received more than $1 billion for 49 operations. The World Bank portfolio currently includes seven active projects in Moldova with total commitments of $162.2 million.
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