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Moldova to Borrow $16 Mln from World Bank
The World Bank is to grant a $16 million loan to Moldova for revamping roads, the bank’s official said Wednesday. The WB’s board is to endorse the decision within the next few days.
WB Country Manager for Moldova Edward Brown also reported that the European Bank for Reconstruction and Development and the European Investment Bank will give Moldova $30 million in loans for the same aims in June.
The World Bank estimated that the former Soviet republic needs $100 million annually for road maintaining and revamping, while the Moldovan government allocated only $40 million for it in 2005.
Moldova has lost $1.8 billion since 1991 as companies were withdrawing from the market due to the poor quality of roads. Operation capability of 90 percent of roads in the country has already expired.
Moldova took out another loan earlier this month when the Swedish International Development Agency allocated 3 million euros to the country to fight corruption, money laundry and terrorism.
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