Chisinau, Moldova, November 15, 2010—IFC,
a member of the World Bank Group, has signed a $10 million loan agreement
with Moldova’s capital city of Chisinau, to help finance the most urgent
water supply and sewerage needs, as well as streets.
“Chisinau managed to stabilize its budgetary performance despite economic
problems during the past couple of years and began to mobilize resources
for modernizing its 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
In addition, capital repairs of several central streets in Chisinau will
benefit public transportation users and drivers by lowering operating costs
for vehicles and conserving road network assets.
“Our investment will improve access to basic water and wastewater infrastructure
for 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.