Moldova needs a developed corporate securities market, says director of USAID Moldova
Moldova needs a developed corporate securities market given that over the recent years economic agents counted only on the tools provided by the banking system, stated Director of USAID Moldova, Gary Linden, in a Thursday conference on " Security Market Consolidation in Moldova".
According to Linden, the establishment of a corporate securities market will provide economic agents with new financing opportunities at lower costs compared to those in the banking system.
"Everywhere in the world the corporate securities are more attractive than loans, because the interests are lower, and the establishment of a securities market will provide the economy with new opportunities to develop", stated director of USAID Moldova.
Deputy Minister of Economy and Trade, Viorel Melnic recognized that the corporate securities market as opposed to the state securities and banking markets is in its incipient phase. "At present, this market is poorly developed and means nothing. In these circumstances, it is necessary to establish a financing mechanism through corporate securities", stated Melnic.
The conference was organized by the National Financial Market Commission, Ministry of Economy and Trade in cooperation with the Access to Credit Initiatives Project financed by the USAID and implemented by Pragma Corporation. Economic agents, professional securities market participants, issuers and investors attended this event.
The conference also focused on issues related to the economic foundation for securities, legal framework, methods and cost of issuance, means to reduce the risk of bankruptcy. The organizers wanted to develop a number of recommendations for the development of the securities market in Moldova. // BASA-Press
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