OREANDA-NEWS. November 02, 2012. The funds are to be allotted in the framework of the regional TACIS 2006 Program of Action, which is planned to be prolonged till 2016 in order to give Moldova an opportunity to draw funds provided.

At sitting Cabinet ministers approved the opening of the talks on the draft second amendment to the EU-Moldova Finance Agreement for the TACIS 2006 Regional Program of Action. According to Secretary of State Victor Bodiu, the European Commission and EBRD had signed the agreement to support the INOGATE Identification and Promotion of Energy Efficiency Investments in Moldova and Ukraine project with the total commitment of 9.5 mln. euros.

The agreement stipulated backing of consultations to draw up reliable bank projects and encouraging energy efficiency investments. Due to the global financial crisis, which adversely affected the banking sector, implementation of energy efficiency projects took longer than planned. As a result, the government of Moldova and EC signed the first amendment to the agreement so that to postpone the implementation deadline to 2013.

As the situation in the financial market improved in Moldova, banks developed a large list of energy efficiency projects. That is why the European Commission decided to back our country with additional 2.3 mln. euros.