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World Bank provides $10 million loan to Moldova for education reform

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16 February 2018- The World Bank’s Board of Executive Directors approved a 10 million USD loan for Moldova’s education system reform.

The loan with a maturity of 30 years is aimed at improving learning conditions in targeted schools and strengthen Moldova’s education monitoring systems while promoting efficiency reforms.

“One of our biggest concerns is the mismatch between labor market demand and the current training offered by Moldova’s educational system,” said Anna Akhalkatsi, World Bank Country Manager for Moldova.

According to a WB press-release, a considerable number of Moldovan students, teachers, and school managers will benefit from expanded training activities, the further provision of science laboratories and ICT equipment, as well as training for teaching support staff to promote inclusive education for students with special needs and/or disabilities.

Moldova Education Reform Project of the World Bank is worth 40 million USD started in 2013 and end in June 2019.

Currently studying International Relations at the University of Pécs, Hungary. Study focus: Transnistrian conflict settlement, Moldovan statehood, Moldovan democracy. Inquiries at [email protected]

Economy

Moldovan Wine – promoted at a reception in Japan

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Moldovan wine was promoted at a reception in Japan, with eight importing companies from Japan taking part in the event. The samples from 21 wineries that sent 95 types of quality wine from our country were presented at the embassy’s stand,

“The festive reception is a celebration of the unspoiled work of the eight importing companies in Japan, who followed the invitation of the embassy and promoted Moldovan wines to the Japanese public, either during promotional events or in B2B meetings or among friends. At the same time, it is a good opportunity for the producers in our country to present their high quality wines,” said Vasile Bumacov, Ambassador of the Republic of Moldova to Japan.

Kenji Yamada, Deputy Foreign Minister for Foreign Affairs, said at the event that the Government of Japan has worked to support the agricultural sector in the Republic of Moldova over the last few years.

“I understand that Moldova’s wine was popular among noblemen and European royal families, and today, winemaking remains a major industry that accounts for 3.2% of GDP and 7.5% of your country’s export values. I am honored to taste the Wine of Moldova today and I am convinced that such bilateral exchanges will deepen the good cooperation between our peoples.”

Diana Lazar, vice director of the Moldova Competitiveness Project, said that by supporting a marketing and promotion plan for the national pride product, the Moldovan Wine on the Japanese market, it is desirable to ensure diversification of export markets and to minimize the dependence on traditional markets, but to promote our country as a tourist destination. At the end of the day, wine is indeed the main product of Moldova’s tourism offer.

Exports of Moldovan wines to Japan recorded an average increase of 75% over the past two years. In 2016, the first strategic promotion of wine was held under the umbrella of the national brand “Wine of Moldova. A living legend “on the Japanese market, including participation in Vinexpo Tokyo-2016, PR and communication actions, as well as several B2B meetings.

As a result, exports of Moldovan wine to Japan have steadily increased, reaching 276,000 liters in 2018, with an average export price of $ 2.9 per liter, which is one of the highest export prices for a Moldovan wine.

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Economy

Moldova, in the top 10 countries with the worst roads

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The Republic of Moldova is in the top 10 countries with the worst roads in the world, according to the Annual Economic Competitiveness Report, conducted by the World Economic Forum.

Thus, in the chapter on road quality, our country ranks 128, out of the 137 analyzed countries, ranking between Nigeria and Mozambique.

Experts assessed Moldova’s road infrastructure with just 2.5 points out of 7.

Due to the extremely high level of corruption in the country, Moldova is above only nine other countries: Mozambique, Ukraine, Paraguay, Yemen, Guinea, Madagascar, Haiti, Congo, and Mauritania.

Romania is ranked 120th, and Russia is 114th.

The top 10 best-performing countries are the United Arab Emirates, Singapore, Switzerland, Hong Kong, the Netherlands, Japan, France, Portugal, Austria, and the USA.

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Economy

National Bank of Moldova – the first Eastern Partnership bank joining the Memorandum of Cooperation with the European Banking Authority

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The National Bank of Moldova (NBM) has joined the Memorandum of Understanding concluded between the European Banking Authority (EBA) and banking supervisors in some countries of Southeastern Europe.

Thus, the Republic of Moldova is the first country of the Eastern Partnership that has joined this memorandum.

With the accession to the Memorandum, a framework for cooperation and exchange of information between NBM and EBA in the field of banking regulation and supervision will be established.

NBM will be invited to participate in the ABE forums for Southeast European Banking Supervisors, will regularly receive information from EBA on the development of the European Union’s single supervisory framework on the convergence of supervisory practices, the functioning of colleges supervisors in the European Union and on the risks and vulnerabilities of the European Union banking system.

The EBA will also provide NBM access to its regular training activities.

At the same time, the NBM will provide EBA, periodically or ad hoc, with information on the relevant developments of the banking system in the Republic of Moldova that will be used for risk analysis purposes.

“The accession to the EBA Memorandum is an important step of the NBM in the context of fulfilling the commitments of the Moldova-EU Association Agreement and the promotion of the reforms in the banking sector in order to strengthen the regulatory and supervisory framework in line with international standards”, underlines NBM Governor, Octavian Armasu.

The European Banking Authority (EBA) is an independent European Union authority created in 2011 with a view to ensuring an effective and consistent regulatory and prudential supervisory framework throughout the European Union banking sector.

EBA is part of the European System of Financial Supervisors (ESFS) and its main objectives are to maintain financial stability in the European Union and ensure the integrity, efficiency and smooth operation of the banking sector.

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