A series of investments worth €670 million will be made to help improve Moldova’s road network with the assistance of the European Bank for Reconstruction and Development (EBRD).
In total, 830km of the country’s main road network is receiving support in a joint partnership venture from the EBRD, the EU’s Neighbourhood Investment Facility (NIF) and the European Investment Bank to enable the work, which will offer a significant boost to its economy.
According to recent EU studies, the existing road infrastructure has been assessed as among the poorest in Europe.
This was underlined by a survey in 2007 showing that only 7% of Moldova’s roads were described as being in good condition - down from a figure of 70% in the early 1990s.
The EU’s NIF scheme has been created to enable core infrastructure projects in the transport and energy sectors.
Under the initiative, Moldova has already received a share of a €70 million fund last year towards improving transport and water supply services within the country.
Since it was established in 2008, NIF has invested a total of more than €753 million on schemes across Europe.
Octavian Costas, senior banker at the EBRD’s Chisinau office in Moldova, felt the investment would prove extremely positive for the emerging Moldovan economy.
He said, “Improved roads help to connect businesses and economies, but not only – there are great benefits to the Moldovan people more generally, to whom this makes an enormous difference in their daily lives.”