The government to implement a new program for attracting remittances

The Cabinet of Ministers approved the Program for attracting remittances in the economy, “PARE 1+2”. This is a program developed by the Ministry of Economy together with the Organization for the Development of Entrepreneurship (ODA). The purpose of the program is to strengthen the economic opportunities for capitalizing on remittances, as well as to facilitate the inclusion of migrants in the social-economic development of the Republic of Moldova.

The “PARE 1+2” program was developed as a result of the evaluation of the previous program for attracting remittances in the economy “PARE 1+1”, which proved to be an effective government tool for business development and directly contributes to the achievement of the objective socio-economic policy.

Thus, the new program, in the 1+2 formula, comes as a complement to the “PARE 1+1” Program and provides additional financial support for the growth of businesses created by migrants.

Beneficiaries of the Program will be able to obtain financial support in two stages:

In the first stage, the non-reimbursable financing will be granted based on the “1+1 Rule”, i.e. each leu invested from remittances will be supplemented with one leu from the program, and the maximum amount of the grant will not exceed 250,000 MDL;

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In the second stage, non-reimbursable financial support for growing businesses will be granted based on the “1+2 Rule” and will be intended for beneficiaries who have successfully implemented the investment project from the first stage (including PARE 1+1 Program graduates) and intend to – expands its economic activity by increasing production capacity, diversifying products, expanding to new markets, etc.

Non-reimbursable financing based on the “1+2 Rule” will be granted in the amount of up to 500,000 MDL for investment projects, which aim to expand the company’s activity.

The improvement of the Program will contribute significantly to the amplification of the impact in the economy, by developing the businesses created by migrants, increasing investments in the economy, increasing the competitiveness of small and medium enterprises in the Republic of Moldova, but also increasing the quality of the products and services offered.

The implementation period of the Program is 36 months, with the possibility of being extended based on additional financial means available.