Moldova’s economy is set to benefit from the European Bank for Reconstruction and Development’s (EBRD) new country strategy, which will guide its investment and policy work with the European Union candidate country for the next five years.
The strategy outlines three priorities that will strengthen the country’s economic resilience and security while promoting a greener economy, supporting competitive and inclusive private sector development, and improving inclusive infrastructure delivery to support growth and enhance connectivity and trade.
Moldova has made significant strides in adopting the political principles that the EBRD works by, to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative.
However, the country is currently facing significant challenges due to the energy crisis and war on Ukraine. Record energy prices and soaring inflation exceeding 30 per cent have significantly burdened the economy, with a major influx of refugees further straining public services and infrastructure.
Despite these challenges, Moldova’s candidate status for EU membership provides a strong impetus to accelerate critical reforms. The EBRD’s unwavering commitment to the country in difficult circumstances includes a €300 million loan last June to boost energy security through strategic gas acquisitions. With record investment totalling over €500 million in 2022, focusing on energy security and the private sector, the EBRD is playing a leading role in supporting Moldova’s economic resilience and European aspirations.
The EBRD’s support for Moldova’s infrastructure and banking sector stabilisation over the past three decades, amounting to €2 billion in investments, has positioned the bank as the country’s largest institutional investor.
The EBRD’s investment, coupled with that of the European Commission and other international partners, is expected to strengthen the country’s key regional transport routes and trade links connecting Ukraine and Moldova with the EU.
In the face of ongoing challenges, the EBRD remains committed to supporting Moldova’s economic resilience and European aspirations.