Moldova to receive 50$m for grape/wine sector reorganization
The Republic of Moldova will receive 150 million euros for reorganization of its grape-growing and wine industry, Minister of Agriculture and Food Industry Valeriu Cosarciuc stated at the Government meeting on Thursday.
In his words, the European Investment Bank and the European Bank for Reconstruction and Development will furnish €50m credits each, and the European Commission - a 50-million-euro grant in the form of technical assistance.
Cosarciuc said an EIB mission will come to Chisinau on September 27. It will examine the grape and wine sector and will take a decision on a first credit tranche. The means will hopefully come to Moldova in February 2011. Local economic agents will be offered the EIB and EBRD credits for technical re-equipment of their enterprises, for stubbing out old plantations and/or creating new ones, for obtaining working capitals, but not for restructuring their dues to banks or for buying farm lands.
In his words, the republic is receiving the concessional credits for a long period and at a low interest rate. These means shall be available only to entities possessing sound business plans and producing quality wines. Thank to the credits, a part of available stocks of wines, facing a risk to turn sour, may be refined, or recycled into ethanol.
The minister said Moldova will have to establish a special association to be in charge of monitoring the sector reorganization process. The association will consist of prominent winemakers and exporters, and will be headed by a board of 7 observers. The board will be headed by an Executive Director to be elected through a contest and to be blessed by the Government.
Infotag
- Moldova gets financial support from the UN for 2013-2017
- Moldova is among the countries with a low external debt
- USA to invest in Transnistria
- Moldova’s air market isn’t competitive enough
- The external public debt of Moldova rose in 2011
- Moldova has the lowest wages in Europe
- Moldova might import natural gas from Ukraine
- Moldova gets 13 million euro from EU for the Transnistrian region
- Air Moldova continues to be the leading airline in Moldova
- Moldova to resume gas talks with Gazprom after decision on EU Energy Package III
- Asia, US helps Mercedes Benz sales hit record high in 2006
- Cricova: The Largest Underground Wine Cellar in the World
- What does Remortgage mean?
- Dutch bear profit rises 26 percent
- Foreign direct investment in India doubles during 2006
- Greece: Socialist government's budget deficit of 12.5% caused debt crisis
- Toyota in talks to build new China plant
- Walt Disney profit up 39 percent
- DaimlerChrysler is not planning to manufacture trucks in India