The European Union has pledged a record €1.8 billion ($2 billion) in aid to Moldova, aiming to bolster the country’s economic recovery and its path toward EU membership, Bloomberg reports.
The announcement, made by European Commission President Ursula von der Leyen during a visit to Chisinau on Thursday, comes just two weeks before Moldova holds presidential elections and a referendum.
The three-year plan, designed to support Moldova’s economic recovery, which has been severely impacted by the ongoing war in Ukraine, will focus on infrastructure development, business growth, and social projects.
The aid package, which includes €605 million in grants and the remainder in loans, is expected to be instrumental in supporting Moldova’s economic recovery following a 4.6% contraction in 2022. Although the country saw a modest 0.7% growth in 2023, the EU assistance is anticipated to further propel the economy, according to the report.
The election, set for October 20, will also see a referendum on constitutional amendments.
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