The World Bank announced recently that its board of directors has approved $45 million in financing for Moldova's Second Competitiveness Enhancement Project for domestic enterprises, which supports the government's national development strategy.

"Moldova 2020," the Moldovan government's development plan, aims to improve export competitiveness and decrease the regulatory burden.

The project will support the government's regulatory reforms, development of small and medium-sized enterprises and measures to increase access to medium- and long-term financing for exporters.

"Moldova has a tremendous opportunity to boost exports-led private sector growth if it succeeds in strengthening its business enabling environment and increasing competitiveness," Abdoulaye Seck, the World Bank country manager for Moldova, said. "We look forward to working with the government to help the country realize this opportunity and ultimately create more jobs and greater prosperity for all Moldovans."

Since joining the World Bank in 1992, Moldova has received more than $1 billion for 49 projects ranging from regulatory reform and business development to education, social assistance, healthcare, agriculture and the environment.