OREANDA-NEWS. January 28, 2010. The World Bank Board of Directors approved an additional financing credit to the Republic of Moldova in the amount of US20 million for the Social Investment Fund II Project.

As “InfoMarket” was informed in the permanent WB office in Chisinau this decision was taken today in Washington. Funds will be allocated for 20 years with 10-year vacation under 0,75% p.a. The additional financing will complement the total credit of US40 million, allocated under Phase I and II of the project, and will be used to contribute to employment and wage incomes in selected poor communities during the current economic contraction and during the recovery. To date, the Moldova Social Investment Fund Project (MSIF I and II) has assisted over 700 localities in addressing local development needs.

It provided access to the gas networks, improved condition of roads, cultural centres and other social institutions all over the country. “The Social Investment Fund Project has been one of Moldova’s greatest development successes,” said Melanie Marlett, World Bank Country Manager for Moldova.

“It has empowered poor communities and vulnerable populations across the country to take a role in managing their development needs, strengthened their sense of ownership of success and helped them sustain it through strong monitoring and accountability mechanisms. Building on the earlier results of the project, the World Bank is pleased to be scaling up financing to create new job opportunities and provide an income to address the impact of the current economic crisis on Moldova’s rural population.”