The European Union will allocate a record 1.8 billion euros ($2 billion) to Moldova to support the country’s plan to join the bloc, EU NeighboursEast reports.
The plan, which is the largest EU financial support package since Moldova’s independence, will boost Moldova’s economy, bring the country closer to EU membership by accelerating reforms and provide significant financial assistance.
Moldova’s growth plan is based on three pillars aimed at increasing financial assistance over the next three years through a special Reform and Growth Fund for Moldova, enhancing access to the European Union’s single market and supporting socio-economic and fundamental reforms in Moldova.
European Commission President Ursula von der Leyen, who arrived in Moldova to announce the package, said on Thursday that the EU could start bringing the Moldovan economy closer to the EU now. She also added:
Today I’m in Chișinău to present a support package with the potential of doubling the size of the country’s economy in a decade. To do so we invest in jobs, growth, services and infrastructure – from new hospitals in Balti and Cahul to the road from the capital to Odesa. We open the doors to our Single Market to Moldovan companies. And we support Moldova’s reform efforts.
Now, the European Parliament and the Council will have to consider the European Commission’s proposal to set up a Growth Fund for Moldova. Once it is adopted, Moldova will be invited to present its Reform Programme outlining the key socio-economic and fundamental reforms it intends to undertake to accelerate growth and convergence with the EU.
