IFC, a member of the World Bank Group, has signed a $10 million loan agreement with the city of Chisinau, which will help the capital of Moldova finance the most urgent investment needs in its water supply, sewerage and city streets.
"Chisinau managed to stabilize its budgetary performance despite economic problems during the past couple of years and began to mobilize resources for modernization of deteriorated infrastructure," said Dorin Chirtoacă, Mayor of Chisinau. "As a result, new customers in the suburban areas of the city will be connected to the centralized water supply and sewerage systems."
In addition, capital repairs of several central streets in Chisinau will benefit public transportation users and drivers by lowering vehicle operating costs and conserving road network assets.
"Our investment will improve access to basic water and wastewater infrastructure to some 100,000 people living in the central and suburban areas of the capital of Moldova," said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe. "A substantial portion of the population of Chisinau will benefit from reduced service interruption and improved roads in the city."
This long-term financing reflects IFC's strategic focus on enabling investments in municipal infrastructure in low-income countries and supporting adequately performing and reform-oriented local governments.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
