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Thursday, August 24, 2017

EU to finance $68 million in Moldovan projects

The European Union will finance $68 million for projects in Moldova, according to an announcement made on Thursday.

The financing will come following the former Soviet republic's signing of an association agreement with the European bloc, The New York Times reports.

The money will be invested in energy and rural development, according to Jose Manuel Barroso, the president of the European Commission--the executive body of the bloc. The investment will also go towards an overhauling of the police force.

Protests in Russia have shown criticism for Moldova's signing of the agreement. Russia placed a trade ban on Moldova in September on wine and brandy, an action viewed as punishment for the country's plan to sign the deal, according to The New York Times.