OREANDA-NEWS. December 22, 2008. In the biggest infrastructure project signed in Moldova this year the EBRD is financing the modernisation of the airport in the capital Chisinau with a EUR25.5 million loan. The European Investment Bank (EIB) will co-finance this project with a EUR 20 million loan, reported the press-centre of EBRD.

The funds will be used for the rehabilitation and upgrade of the airport infrastructure and related equipment. The modernisation will help Chisinau International Airport, Moldova’s only international airport, to continue with its successful commercial development. In the first nine months of 2008 alone the airport registered a 25 per cent increase over the same period in 2007.

The modernisation of the airport is also a landmark infrastructure project for Moldova because in modern economies airports do not only serve as means for transport but are often also seen as business cards for countries. Realising that there is only one chance to make a first impression, it is becoming increasingly important to welcome visitors with projecting the most favourable image. A smoothly operating airport with modern facilities is a key element to this.

Sue Barrett, EBRD Director of the Transport Team, said the Bank’s involvement in the modernisation of Chisinau International Airport was “critical since the airport has limited access to private financing. Therefore the EBRD’s involvement will play a crucial role in the further commercial development of the airport.”

Roman Podcoritov, Managing Director of Chisinau International Airport said “this kind of modernization project will contribute considerably to the development of the enterprise’s and country’s infrastructure”.

As part of the project preparation the Airport has developed an environmental action plan which covers required measures related to the planned investment programme. The implementation of the plan will ensure that the modernisation of the airport meets EU and other international safety and environmental standards.

The EU’s Neighbourhood Investment Facility (NIF) is contributing ? 1.75 million in technical co-operation funds for assistance with the preparation of an Airport Master Plan and for Project Implementation Assistance and Supervision Services. The Project has also benefited from technical co-operation funds from The Netherlands, Germany and the Early Transition Countries Fund for project preparation.

The EBRD has seen a significant increase in its business volume in Moldova in 2008 with projects worth more than EUR 100 million signed this year and a strong pipeline for the near future. Among the Bank’s investments were projects in infrastructure, the corporate sector and financial institutions.