EU approves €1.8 billion support plan for Moldova's growth
- The EU Commission has approved a €1.8 billion Growth Plan for Moldova to support its EU membership aspirations.
- The plan focuses on enhancing economic stability and competitiveness through targeted reforms and increased access to the EU market.
- This initiative represents the largest EU financial support package for Moldova since its independence, aiming to facilitate closer integration with the EU.
Moldova is set to receive a significant financial boost from the European Union, with a €1.8 billion Growth Plan approved by the EU Commission. This initiative aims to support Moldova's aspirations for EU membership by enhancing its economic stability and competitiveness through a dedicated Reform and Growth Facility for the years 2025-2027. The plan is the largest financial support package provided by the EU since Moldova gained independence, reflecting the EU's commitment to assist the nation in its reform efforts. The Growth Plan is structured around three key pillars, focusing on increasing financial assistance and improving access to the EU's single market. It targets essential reforms in various sectors, including economic management, infrastructure, energy, and social capital, which are crucial for fostering foreign investment and enhancing the business environment. The reforms are designed to support small and medium-sized enterprises, improve workforce skills, and boost trade and exports. European Commission President Ursula von der Leyen emphasized the EU's unwavering support for Moldova, highlighting investments in infrastructure and services, such as new hospitals and improved transportation links. The next steps involve discussions in the European Parliament and the Council regarding the proposal for the Growth Facility, after which Moldova will present its Reform Agenda outlining the socio-economic reforms it intends to implement. This financial package not only aims to strengthen Moldova's economy but also to facilitate its convergence with EU standards, ultimately paving the way for closer integration with the European Union.