The European Parliament's Budget and Foreign Policy Committees approved on Thursday the report on the Facility for the Republic of Moldova, worth EUR 1.8 billion. 

It is the largest package of financial support the European Union has ever offered to the Republic of Moldova for development,  Tvrmoldova.md reported. Out of the total amount, EUR 420 million is in grants. 

The funds will support 25,000 businesses, major infrastructure projects, and energy interconnection with the European Union.

In addition, the Republic of Moldova would benefit from access to the European single market, including for transport and payments in euros.

The government in Chisinau must present a reform plan before the money can be released. The European Parliament aims to adopt the law as soon as possible so that it can enter into force by March.

The new financial support was promoted by Romanian MEPs and provides for the allocation of significant funds, especially for cross-border and energy interconnection projects.

iulian@romania-insider.com

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