World Bank will allocate Moldova $40 mln to help Ukrainian refugees

The World Bank will provide $40 million to Moldova to support the Moldovan government’s efforts to assist refugees from Ukraine and households in the aftermath of Russia’s invasion of Ukraine.

The World Bank Group’s Board of Executive Directors approved the Development Policies to Support Growth and Resilience in Moldova project.

“Against the backdrop of the war in Ukraine, Moldova’s economy and public finances have come under pressure from the energy and refugee crisis, resulting in lower incomes and higher risks that continue to affect private spending and investor confidence.

The new project aims to support the government’s short-term objectives to continue to assist the most vulnerable segments of the population, including by strengthening the Social Assistance social protection program, which supports the participation of refugees and women in the labor market, and helping vulnerable and host families to cover high energy costs,” the World Bank press service notes.

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In addition, the program will contribute to Moldova’s long-term achievement goals to create a more competitive and sustainable economy, promote energy efficiency, use renewable energy sources, and increase the sustainability of agricultural land.

The program will be co-financed by the Canadian Department of Foreign Affairs and International Trade and the Japan International Cooperation Agency. The project will receive $10.5 million in grants from the Moldova Growth, Sustainability, and Opportunities for Well-Being (M-GROW) program. And a $5 million grant from the Global Grant Fund (GCFF) to support the authorities’ efforts to address the refugee crisis.

To date, GCFF has provided $49.24 million in grants to Moldova and has received $409.24 million in concessional loans from the World Bank to support host communities and refugees.

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